Bill > SF3467

This bill addresses multiple aspects of Minnesota's pension and retirement systems across seven different articles. The bill makes technical corrections, clarifications, and modifications to various retirement plans and statutes. Here's a comprehensive summary: Article 1 modifies the Legislative Commission on Pensions and Retirement's powers and duties, including updating language about actuarial standards and commission membership procedures. Article 2 focuses on the statewide volunteer firefighter plan, making changes to benefit levels, conversion processes, and administrative procedures for fire departments. Article 3 adjusts transfer procedures for individuals moving from an Individual Retirement Account Plan (IRAP) to the Teachers Retirement Association (TRA), particularly clarifying eligibility and application requirements. Article 4 revises fire and police state aid distribution rules, including how municipalities can use these funds and reporting requirements. Article 5 updates State Board of Investment reporting requirements and eliminates certain reporting obligations. Article 6 expands eligibility for the Public Employees Defined Contribution Plan, adding specific categories of workers who can participate. Article 7 makes miscellaneous technical corrections to various pension-related statutes, including provisions about military service credits and retirement plan terminations. The bill aims to streamline administrative processes, clarify existing pension regulations, and ensure consistent application of retirement benefits across different public employee groups.

Government Affairs

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF3467&ssn=0&y=2025