Investment Programs

The Minnesota State Board of Investment (SBI) is responsible for providing investment returns to support the retirement security for Minnesota public employees and their families, and selecting and monitoring the investments for various investment programs.  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).
   

  Go to the Combined Funds page

   

• 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. These plans include the Health Care Savings Plan, Hennepin County Supplemental Retirement Plan, and Minnesota Deferred Compensation 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 launched in 2026. 
    

• 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.