SBI Account with SVF
About the State Board of Investment
The State Board of Investment (SBI) invests the SVF Plan assets for each fire department. Learn more on SBI’s Fire Plans + Other Public Retirement Plans page.
SBI is a separate state agency from PERA. All of SBI’s investments are governed by the Prudent Person Rule and other standards codified in Minnesota Statutes, Chapter 11A and Chapter 356A. Statutes specify the types of investments that SBI are allowed to purchase along with the asset allocation mix.
Accessing your SBI Account
Designated SBI account users can find their SVF-related financial information by logging in to the SBI’s website at msbi.us.
Add or Remove SBI Account Access
The governing body representative or the fire chief may designate individuals to have SBI account access. PERA is the administrator of the SVF Plan investment accounts, and is responsible for requesting SBI to set up online access for your fire department. Refer to SVF Contacts section on the Current Departments page for instructions on how to add or remove SBI account access.
Individual Volunteer Firefighters
SBI account access is not provided to individual volunteer firefighters. The account does not currently provide volunteer firefighters with individual benefit statements or reports.
myPERA
Volunteer firefighters do not have access to a myPERA and do not receive statements from PERA regarding their SVF Plan service or benefits. If a volunteer firefighter also participates in another PERA pension plan, they may have myPERA for that other pension plan. They will not be able to view their SVF benefit information through myPERA. Firefighters are encouraged to check with their fire chief or governing body representative for SVF benefit information.
SBI Account Transactions
When viewing your transactions report on the SBI website, check the Transaction Types and Notes columns for details about each line item. Below is an explanation of each line item:
| Transaction Type | Transaction Notes | Explanation | ||
|---|---|---|---|---|
| Admin Expense | Fee | SBI investment fee. | ||
| Admin Expense | FEEV | PERA admin fee (currently $60 per member each year). | ||
| Contributions | (blank) | Fire state aid, supplemental benefit reimbursements, required contribution payments, or voluntary contribution payments. | ||
| Redemptions | (blank) | Benefit payment to a member or an outstanding expense/invoice. |
Additional Notes on Contributions and Redemptions
Contributions
To confirm Fire State Aid amounts, visit the Minnesota Department of Revenue and search for Fire State Aid. Look for “Aid Amounts” and the applicable year.
Smaller contribution amounts are typically supplemental benefit reimbursements, generally under $5,000 and in $1,000 increments.
Redemptions
Outstanding expenses/invoices are from prior to joining PERA. These could include audits, 1099, GASB, underpaid benefits, administrative expenses, and board salaries.