The Minnesota State Board of Investment (SBI) is responsible for the asset management of the six investment programs listed below. Each investment program, managed by the SBI, uses different investment vehicles to help participating plans, entities, and individuals reach their savings goals. By pooling the assets within each program, the SBI can offer institutional investment management at a low cost.
The Combined Funds represents the defined benefit assets for the three Statewide Retirement Systems: Minnesota State Retirement System (MSRS), Public Employees Retirement Association (PERA), and Teachers Retirement Association (TRA).
Other Retirement Funds, consists of the assets for volunteer firefighter relief associations in the State of Minnesota, the Statewide Volunteer Firefighter Plan, St. Paul Teachers' Retirement Fund, PERA Defined Contribution Plan, and the Unclassified Retirement Plan.
Tax-Advantaged Savings Plans, consists of the assets of the participants in various tax-advantaged savings plans administered by the MSRS. These plans include the Health Care Savings Plan, Hennepin County Supplemental Retirement Plan, and Minnesota Deferred Compensation Plan. The investment options offered within each plan vary based on several factors, including statutory requirements, operational limitations, and other rules and regulations established for each participating plan.
State-Sponsored Savings Plans, consists of the assets of the the Minnesota Achieving a Better Life Experience (ABLE) Plan and the Minnesota College Savings Plan, and the Minnesota Secured Choice Retirement Program, which will launch in 2026. The SBI is responsible for oversight of the investment options in the State-Sponsored Savings Plans but does not directly administer the plans.
The Non-Retirement Program provides investment options to state trust funds and various public sector entities eligible to invest with the SBI.
State Cash Accounts represents the cash balances of more than 400 state agency accounts, which are managed internally by the SBI in a pooled fund or in separately managed accounts, depending on the legal restrictions of the account.
More information on each investment program can be found by clicking on the links above.
| Investment Program | Assets |
|---|---|
| Combined Funds | $101.2 Billion |
| Other Retirement Funds | $1.6 Billion |
| Tax-Advantaged Savings Plans | $13.6 Billion |
| State-Sponsored Savings Plans | $2.3 Billion |
| Non-Retirement Program | $6.9 Billion |
| State Cash Accounts | $30.2 Billion |
| TOTAL SBI AUM | $155.9 Billion |
| Note: Differentials within total amounts may occur due to rounding | |