The Minnesota State Board of Investment (SBI) manages the investment of retirement fund assets of the Minnesota State Retirement System, Teachers Retirement Association, and the Public Employees Retirement Association. SBI also invests funds for other state agencies, including invested treasurer's cash which is the idle cash in state accounts. At June 30, 2000, SBI administered over $53 billion in state assets. SBI uses both internal staff and external investment managers to fulfill its responsibilities. The external firms invest and manage the assets of the retirement funds and the assigned risk plan. SBI staff manage the other state investments.
SBI incurs approximately $3.3 million annually in expenditures for payroll and other administrative costs such as rent, supplies, equipment, and travel. SBI finances approximately $2.3 million of the administrative expenditures from General Fund appropriations. SBI charges the remaining administrative costs directly to the funds receiving the investment services. State agencies reimburse SBI for the investment services provided. SBI deposits the reimbursements in the General Fund as nondedicated receipts.