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SF 806 Senate Long Description

E Relating to retirement; requiring the chief administrative + officers of the Minnesota state retirement system (MSRS), the public employees +retirement association (PERA), the teachers retirement associations (TRA) and +the Minneapolis employees retirement fund (MERF) to jointly contract with+ an established actuarial consulting firm to conduct annual actuarial +valuations and related services for the retirement plans governed by the +retirement systems or associations, subjecting the contract to review and +approval by the legislative commission on pensions and retirement; specifying certain+ contract requirements and limits and certain requirements of the actuary +retained by the joint systems, requiring annual reports to the legislature; requiring+ the systems to designate an executive director as the actuarial services +contract manager; providing for the allocation of actuarial costs; reducing a +certain prior appropriation to the legislative coordinating commission (LCC);+ requiring certain reports to and repealing certain duties of the LCPR (ja)