Minnesota State Board of Investment, St. Paul, has revamped its 457 plan, said Howard Bicker, executive director of the $50 billion system. The state now offers employees three investment tracks, Mr. Bicker said: a series of unitized commingled funds, which function like monthly valued mutual funds; an investment track offering seven mutual funds from multiple investment managers; and a mutual fund window for employees who have accumulated more than $5,000 in their deferred compensation plan accounts. The plans previous investment options were the state investment pools and more than a dozen mutual funds with overlapping asset classes. Fixed-annuity options were also offered by the plans two administrators, Great West Life and Minnesota Life. The state reduced the number of third-party administrators to one Great West. Employees now receive a single, consolidated statement; they had received statements from multiple vendors under the old plan.