State Board of Investment billing, expenses, and reporting practices modifications

This bill modifies how the Minnesota State Board of Investment handles billing, expenses, and reporting for state and pension funds. It requires the board to create policies that allow fund beneficiaries and the public to learn about proposed actions, while exempting these procedures from standard administrative rules. The legislation also mandates that the board establish performance measurement formulas for investment returns, report management fees and manager performance annually, and update billing practices as needed to ensure fair expense allocation across funds.