|Financial Audit Division Report 05-02||Released January 21, 2005|
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, 2004, SBI administered approximately $47 billion in state assets. SBI uses both internal staff and external money 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.