Video & Transcript Research : 'SBI'
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MN
Minnesota 2025-2026 Regular Session
House Elections Finance and Government Operations Committee 3/25/26
Elections Finance and Government Operations
Bills:
HF4348, HF4186, HF4202, HF4455, HF3884, HF3883, HF3882, HF3881, HF2688, HF3295, HF3862, HF3362, HF4242, HF3798
Keywords:
HF4186, Minnesota local government finance, housing and redevelopment authority, HRA, public investment authority, qualifying government, State Board of Investment, SBI, index mutual fund, multifamily housing development, long-term equity investment, investment-grade fixed income, federally insured securities, government-sponsored entities, municipal investing, local government investments, housing finance, public funds, investment policy, risk of loss
MN
Minnesota 2025-2026 Regular Session
Legislative Commission on Pensions and Retirement - 03/03/26
Minnesota Senate Floor Meeting
MN
Transcript Highlights:
- The task force worked with both SBI staff, not just myself, but a broader set of the SBI staff to help
- Uh the task force worked with both SBI Uh the task force worked with both SBI staff,<00:19:42.240
- and the SBI. and the SBI.
- The SBI is interest in dividends.
- SBI investment website this morning.
MN
Minnesota 2025-2026 Regular Session
State Committee Meeting - 2026-04-16
State Government Finance and Policy
Transcript Highlights:
- And SBI is here to answer if I'm saying the wrong thing.
- >
a <00:04:49.400>fixed Currently, the SBI receives a fixed Currently, the SBI receives - So, the SBI has worked the wrong thing.
- We both internally manage assets, the SBI directly, but we also hire third-party managers.
- I'd like to thank the SBI for being here this morning to help us through this.
Bills:
HF4074
Keywords:
retirement, pension, public employees, MSRS, PERA, TRA, St. Paul Teachers Retirement Fund Association, police and fire, correctional employees, probation officers, telecommunicators, dispatchers, 911 operators, public safety answering point, PSAP, firefighters, volunteer firefighters, paid on-call firefighters, fire relief association, state aid
MN
Minnesota 2025-2026 Regular Session
Legislative Commission on Pensions and Retirement - 03/10/26
Minnesota Senate Floor Meeting
Transcript Highlights:
- <00:26:38.120>
may some questions around whether SBI may some questions around whether SBI - <00:26:57.120>
maintain <00:26:57.720>any SBI did not collect or maintain any SBI did - In 2006, SBI discontinued managing any of the I-RAP assets.
- ,<00:40:31.160>
the of the executive director of SBI, the of the executive director of SBI - The SBI still evaluates the as a state.
MN
Transcript Highlights:
- <00:07:39.560>
This <00:07:39.800>was <00:07:40.040>a Investment or SBI. - This was a Investment or SBI.
- And I just would like to thank the chairs of the pension committee for putting the SBI provision into
- Thank you to both of you for working with the two of us to find a place to put SBI.
- I don't know the number; he knows it off his head, but the SBI—how many billion?
MN
Transcript Highlights:
- This is the returns that the SBI gets.
- Andy Christensen, deputy executive director at the SBI.
- And I know many director with the SBI.
- And very briefly, the SBI is a the SBI.
- AON Investments, another SBI fund.
Bills:
HF3900
Keywords:
permanent school fund, school endowment fund, Minnesota constitutional amendment, school aid, public school funding, State Board of Investment, investment income, distributable amount, school districts, property taxes, income taxes, voter approval, ballot question, constitutional amendment 2026, education finance, fund perpetuity, purchasing power, trust lands, swamp lands, internal improvement land fund
MN
Minnesota 2025-2026 Regular Session
Legislative Commission on Pensions and Retirement - 03/18/25
Minnesota Senate Floor Meeting
Transcript Highlights:
- SBI and sort of Minnesota humility but SBI and sort of Minnesota humility but chair<00:21:48.440>
- Thanks to everybody at SBI.
- Members, we'll take questions for SBI now, if you have them or comments.
- Again, as the SBI said, about a third are invested with them directly.
- Again, as the SBI said, about a third are invested with them directly.
UT
Utah 2025 2nd Special Session
Business and Labor Interim Committee - November 19, 2025
Business and Labor Interim Committee
Transcript Highlights:
- I've gone out recently and visited with SBI.
- SBI lent me a box of these IDs, and I have gone to numerous retailers and scanned these IDs using the
- that SBI uses, which is called Intellicheck.
- And as evidenced by when I was with SBI, going through his fake IDs, we'd have one that would show up
- When I was with SBI going through his fake IDs, we'd have one that would show up fake and we'd have a
MN
Transcript Highlights:
- Senator questions on the bill and I understand SBI State Board of Investments here for questions and
- State Board of and I understand SBI State Board of Investments<00:19:49.120>
here <00:19:49.280 - , and then I will say the task force SBI, and then I will say the task force role<00:36:27.480>
as - force engaged in with the support of SBI force engaged in with the support of SBI staff.<00:49:01.760
- , our mission as the SBI, our mission as the SBI, to<00:53:14.880>
derive <00:53:15.320>
MN
Minnesota 2025-2026 Regular Session
Conference Committee on HF3900 5/13/26
Transcript Highlights:
- Um, I know there had been discussion about moving this up to a more than 4 and 1/2%, and the SBI and
- Um, I know there had been discussion about moving this up to a more than 4 and 1/2%, and the SBI and
- Um, I know there had been discussion about moving this up to a more than 4 and 1/2%, and the SBI and
- Um, I know there had been discussion about moving this up to a more than 4 and 1/2%, and the SBI and
- ,<00:24:37.800>
and <00:24:38.720>um the the staff on SBI, and um the the staff on
Summary:
The conference committee on House File 3900 met with a quorum, introduced members and staff, and received a nonpartisan walkthrough of the bill. Staff explained that the proposal would change the permanent school fund’s distribution formula from interest and dividends to a statutory payout based on 4.5% of the fund’s average value over the previous three fiscal years, with the Commissioner of Management and Budget responsible for determining and transferring the distributable amount. The Senate version differed by adding language requiring a two-thirds vote of each legislative house to change the distribution policy or apportionment.
Members then debated whether a future legislature could increase the payout and whether the constitutional language would sufficiently protect the fund’s purchasing power. Senator Farnsworth argued that a supermajority requirement would help prevent politicization and lock in the fund’s purpose, while Representative Long, Senator Kunesh, Representative Youakim, and Representative O’Driscoll opposed the supermajority as unnecessary and potentially politicizing, emphasizing existing constitutional protections, fiduciary duties, and the legislature’s track record of stewarding school trust lands for students. Staff indicated the language requiring preservation of purchasing power would be a strong safeguard, though the exact legal remedy was unclear.
Senator Kunesh moved to adopt the House File 3900 second engrossment as the conference committee report. The committee took a roll call vote and approved the motion 7-1, with Senator Farnsworth voting no. After the vote, Senator Swedzinski offered brief remarks about the historical importance of school trust funds and public education.
MN
Minnesota 2025-2026 Regular Session
House Energy Finance and Policy Committee 2/26/26
Energy Finance and Policy
Transcript Highlights:
- , the work that the SBI does with $160 billion worth of pension portfolios is just as complicated as
- Can we in fact get SBI-level services from regulated utilities? That's where we need to go.
- Can we in fact get SBI-level services from regulated utilities? That's where we need to go.
- I want SBI-style oversight, which is to use market-based metrics again to make the policy choices.
- But, um, SBI does their work at less cost than the PUC and Commerce together.
Bills:
HF3298
MN
Minnesota 2025-2026 Regular Session
Legislative Commission on Pensions and Retirement - 04/21/26
Minnesota Senate Floor Meeting
Transcript Highlights:
- We can just move right on. costs for SBI are distributed across uh costs for SBI are distributed across
- SBI. SBI.
- In the case of the general fund, the SBI receives a fixed appropriation of $139,000 per year.
- And then there is also a slight change in the procedure that the SBI uses to bill the pension systems
- change in the procedure that the SBI change in the procedure that the SBI uses<01:07:41.160>
Summary:
The committee first approved the April 14, 2026 meeting minutes without objection. It then took up Senate File 4860 / House File 4812, the St. Paul Teachers Retirement Fund Association bill, which would reduce the employee contribution rate for coordinated members from 9% to 8% starting after June 30, 2026, raise the retiree COLA from 1% to 1.5% beginning January 1, 2027, and increase the state-funded employer contribution by 2.7%. Staff said the bill’s cost is just over $12 million per year over 15 years. Representative Lilly said the bill was intended to bring parity to St. Paul teachers after prior work in this area left some behind.
Several St. Paul teachers testified in support, describing financial strain, burnout, and the difficulty of balancing teaching with family responsibilities. Hannah Geimer said the 1% contribution change would make a meaningful difference in her budget as a single parent. Eric Erickson said he and his wife have spent decades working extra hours and coaching, and argued that St. Paul educators pay more and receive less in retirement than other teachers. Arzoo Faroozan Yazdani, a Central High teacher, said the higher contribution rate and lower COLA make it hard to stay in the district and raise a family. Lisa Hodek said teachers are undercompensated for the demands of the job and that the pension disparity has created frustration and a sense of betrayal. Phil Tensic, the SPTRFA director, summarized the request as seeking an 8% contribution and 1.5% COLA to match TRA, and noted that the plan’s members are spread across legislative districts, not just in St. Paul.
Members discussed the history behind the pension disparity. Senator Nelson questioned whether “parity” was the right term given the plan’s funding problems and the legacy of the “big red box,” referring to past underfunding. Tensic and Senator Pappas explained that the state had previously allowed St. Paul schools not to contribute for a period of years, that supplemental district and state aid began in 2018, and that the plan is projected to be amortized by 2039 and must be paid off by 2048. Members also noted that the bill and related pension proposals depend on available funding; Representative O’Driscoll and others said no final financing agreement had been reached, though leadership was continuing discussions. The committee received letters of support from Education Minnesota, the St. Paul Federation of Educators, and 40 individual supporters. No final vote on the bill was taken in the portion of the meeting provided.
MN
Minnesota 2025-2026 Regular Session
Legislative Commission on Pensions and Retirement - 05/05/26
Minnesota Senate Floor Meeting
Transcript Highlights:
- This squares up how the SBI would have a chargeback to appropriately manage the retirement efforts for
- Representative, I want to thank you on behalf of LCPR and SBI for what the members of the House did,
- Representative, I want to thank you on behalf of LCPR and SBI for what the members of the House did,
- for what um the behalf of LCPR and SBI for what um the members<00:07:16.479>
of <00:07:16.639> - <00:51:17.119>
bill about what happened to that SBI bill about what happened to that SBI bill
MN
Minnesota 2025-2026 Regular Session
Legislative Commission on Pensions and Retirement - 03/11/25
Minnesota Senate Floor Meeting
Transcript Highlights:
- the good news history of our funding um the good news is<00:19:16.919>
the <00:19:17.159>SBI - had a 12.3% return last year is the SBI had a 12.3% return last year so<00:19:20.480>
our <00: - or equal to the standards that the SBI or equal to the standards that the SBI faces<01:07:05.680
- We've had very strong performance the past couple of years, similar to SBI.
- using the svf program which has SBI using the svf program which has SBI Investments<01:19:50.480
MN
Minnesota 2025-2026 Regular Session
Committee on State and Local Government - 05/07/26
State and Local Government
Transcript Highlights:
- reduces the appropriation that is normally carried in the state government omnibus bill that gives the SBI
- In return for reducing that appropriation, which is what SBI gets for managing those general fund funds
- the state gov omnibus bill that<00:04:54.919>
gives <00:04:55.160>the <00:04:55.280>SBI - <00:04:55.760>
$139,000 that gives the SBI $139,000 that gives the SBI $139,000 a<00:04:57.320 - which is what SBI gets for managing<00:05:03.080>
those <00:05:03.240>general <00:05:03.520
AL
Transcript Highlights:
- and and I I spent last Monday with SBI and and I I spent last Monday with SBI and want to kind of go
- with three different secure uh doors uh with three different secure uh doors uh with within Aaliyah SBI
- is separated from the within Aaliyah SBI is separated from the within Aaliyah SBI is separated from
- was capable of doing that in like SBI was capable of doing that in like SBI was capable of doing that
- and and they will be sworn with SBI and and they will be sworn with SBI and and they will be sworn they'll
US
US Federal 2025-2026 Regular Session
Hearings to examine reforming SBIR-STTR for the 21st century. Mar 5th, 2025 at 01:30 pm
Small Business and Entrepreneurship Committee
Transcript Highlights:
- patents, and I received the Tibbets Award from the SBA on behalf of Triton for success in commercializing SBI-derived
- Our SBI-derived sensor technology enabled the world's smallest heart pump for use in cardiac failure
- One of the reasons I'm so enthusiastic about the SBI program is that it was created by New Hampshire
- Success is not measured. in the number of SBI awards a company wins but rather the commercial emission
Keywords:
SBIR, STTR, Innovate Act, small business, innovation, legislative reforms, economic growth, funding, technology transfer
Summary:
The meeting focused on the Small Business Innovation Research and Small Business Technology Transfer Programs (SBIR-STTR), emphasizing the critical reforms necessary to enhance their effectiveness. Chair Ernst introduced the Innovate Act to streamline processes, ensuring funding is awarded based on merit and addressing existing abuses within the system. The discussion was robust, with numerous members expressing concerns about phase transitions and the need for targeted funding to support impactful technological innovations. The conversation also highlighted the program's importance in fostering economic growth, particularly for small businesses in rural areas, and the urgency for legislative changes as the program's authorization approaches expiration.
MN
Minnesota 2025-2026 Regular Session
Minnesota House passes proposed constitutional amendment to boost funding from Permanent School Fund May 4th, 2026
Minnesota House Floor Meeting
Transcript Highlights:
- I know it's always a lot when you're working with SBI, when you're working with school districts, when
- :26:43.520>
with always a lot when you're working with always a lot when you're working with SBI - , when you're working with school SBI, when you're working with school districts,<00:26:47.520>
when - school trust lands and the work he's been able to do to make that fund grow exponentially, working with SBI
- school trust lands and the work he's been able to do to make that fund grow exponentially, working with SBI
Summary:
House File 3900 proposed a Minnesota constitutional amendment to increase the share of permanent school trust fund earnings distributed to school districts, with the stated goal of providing more per-pupil funding without raising income or property taxes. Representative Igo, the bill’s author, described the history of the school trust lands and said the change would raise the payout from about 2.5% to 4.5%, producing additional unrestricted money for schools at no cost to taxpayers. He also read the proposed ballot question into the record, which would ask voters whether to amend the constitution to increase funding from the permanent school fund effective July 1, 2027.
The House adopted amendment A7, offered by Representative Long, which he said was a technical change to align the bill with Senate language and provide administrative funding for the State Board of Investment. Representative Igo agreed it was a good technical fix. After the amendment was adopted, the bill was given third reading and debated on the floor.
Several members spoke in support, including Representatives O’Driscoll, Scraba, Mueller, Bennett, Jordan, and Bakeberg. Supporters emphasized that the proposal would send more money to schools on a per-pupil basis, provide flexible local funding, and help districts facing budget pressures, staffing cuts, and other mandates. Some speakers also highlighted the historical purpose of school trust lands, the role of the State Board of Investment, and the need for better stewardship and government-to-government relationships with tribal nations where trust lands are located. The transcript ends during floor debate and does not include a final vote on passage.
AL
Transcript Highlights:
- is for felony drug cases only, and I did have the opportunity, along with Senator Chamas, to go to SBI
- The second thing is that we've run into an issue; SBI has requested foreign interpreters in the room.
- Well, we trusted and verified, and I appreciate SBI letting us come in there and look at it for about
Keywords:
vaccination, parental consent, minors, medical consent, guardian approval, criminal procedure, split sentencing, probation, Class A felony, Class B felony, minimum confinement, HB49, Alabama criminal code, capital offense, capital punishment, death penalty, rape in the first degree, sodomy in the first degree, sexual torture, child sexual abuse