State Income Tax Refunds, Property Tax Refunds for homeowners and renters, and Political Contribution Refunds:

Minnesota Department of Revenue
600 North Robert Street
St. Paul, Minnesota 55146
(651) 296-3781

Federal Income Tax Refunds:

Internal Revenue Service
Toll free at (800) 829-1040

Child Support Payments or other Public Assistance Payments:

Contact your County Human Services Department; or
Minnesota Department of Human Services
444 Lafayette Road
St. Paul, Minnesota 55155
651-296-6117 (Twin Cities Metro Area); or, toll free at (800) 366-8930

Within the requirements defined by state law, the State Board of Investment, in conjunction with SBI staff and the Investment Advisory Council, establishes investment policies for all funds under its management. These investment policies are tailored to the particular needs of each fund and specify investment objectives, risk tolerance, asset allocation, investment management structure and specific performance standards.

The Board has adopted guidelines concerning investments in stock markets outside the U. S. The guidelines do not prohibit investments in any market, but do require that additional notification/presentation be provided to SBI staff or the SBI Administrative Committee in certain cases.

In recent years, the Board, its staff, and the Investment Advisory Council have conducted detailed analyses of each of the funds under the SBI's control that address investment objectives, asset allocation policy and management structure. The results of these studies guide the ongoing management of these funds and will be updated periodically.

In addition to the prudent person rule, Minnesota Statutes, Section 11A.24 contains a specific list of asset classes available for investment, including common stocks, bonds, short term securities, real estate, private equity, and resource funds. The statutes prescribe the maximum percentage of fund assets that may be invested in various asset classes and contain specific restrictions to ensure the quality of the investments.

The prudent person rule, as codified in Minnesota Statutes, Section 11A.09, requires all members of the Board, Investment Advisory Council, and SBI staff to "...act in good faith and ...exercise that degree of judgment and care, under circumstances then prevailing, which persons of prudence, discretion and intelligence exercise in the management of their own affairs, not for speculation, but for investment, considering the probable safety of their capital as well as the probable income to be derived there from." Minnesota Statutes, Section 356A.04 contains similar codification of the prudent person rule applicable to the investment of pension fund assets.

The Minnesota State Board of Investment (SBI) is established by Article XI of the Minnesota Constitution to invest all state funds. Its membership is also specified in the Constitution and is comprised of the Governor (who is named as chair of the Board), State Auditor, Secretary of State and State Attorney General.

All investments undertaken by the SBI are governed by the prudent person rule and other standards codified in Minnesota Statutes, Chapter 11A and Chapter 356A.