Modifying and clarifying certain duties of the board of directors and the executive director of the Minnesota state retirement system; establishing the health care reimbursement plan for members of the legislators, state employees, state troopers and judicial retirement plans under MSRS and of the arts board and humanities commission individual retirement account (IRA) plan of the Minnesota state colleges and universities; requiring the plan to meet the qualification requirements under the internal revenue code (IRC) for income tax free contributions and benefit payments purposes; creating the state employees health care reimbursement fund for deposit of employee and employer contributions and investment returns and providing for the contributions; providing for disbursements; designating the state treasurer as the ex officio treasurer of the fund, duties; requiring and providing for investment of the fund by the state board of investment; providing for benefits from the fund, specifying certain age and service requirements and providing for monthly benefit payments, for application to eligible disabled and deferred retired employees, for benefits termination and exclusions and for annual benefit inflation adjustments; providing for refund of employee contributions under certain conditions and for payment upon death of participants and eligible retired employees; providing for amendment of the plan and requiring and providing for the legislative commission on pensions and retirement to contract with the retained actuary for preparation of actuarial valuations, requiring an actuary report to the LCPR, specifying certain report content requirements; clarifying the definitions of covered pension and statewide plans for fiduciary responsibility purposes; providing for additional payments to certain current and deferred retirees and disabilitants, specifying certain eligibility requirements and providing for employer contributions, requiring the commissioner of finance in consultation with the commissioner of employee relations (DOER) to determine amounts needed for the payments, transfer necessary funds and report amounts transferred to the legislature (ra)