State Board of Investment; billing, expenses, and reporting practices modified.

This bill modifies how the Minnesota State Board of Investment handles billing, expenses, and reporting for the funds it manages. It requires the board to create policies that allow the public and fund beneficiaries to learn about proposed actions, while exempting these procedures from standard administrative review processes. The legislation also mandates that the board establish performance measurement formulas for public pension funds and include management fees and performance data in annual reports to the governor and legislature. Additionally, the bill updates how the executive director manages administrative functions, including authority to adjust billing procedures and expense apportionment for funds under the board's care. These changes aim to improve transparency and operational flexibility for the state's investment management activities.