Bill > SF3828

This bill modifies how the Maple Plain fire department will exit the statewide volunteer firefighter plan, a retirement program managed by the Public Employees Retirement Association (PERA). It requires the PERA executive director to immediately invest the Maple Plain fire department's retirement assets in low-risk options to protect against losses. When the department officially terminates its participation, all firefighters will be fully vested, meaning they will be entitled to their accrued pension benefits. If the plan's assets for the Maple Plain department exceed its liabilities, the surplus will be distributed to the departing firefighters in a two-stage process: first, to those under age 50, based on their years of service and benefit level, and then any remaining surplus will be distributed proportionally based on years of service. These benefits will be paid out as a lump sum or a rollover. The bill also clarifies that other existing provisions of Minnesota Statutes, section 353G.18, will still apply to this termination process.

Government Affairs

https://www.revisor.mn.gov/bills/94/2026/0/SF/3828/