Relating to retirement; modifying the postretirement adjustment calculation by the state board of investment to determine payment availability and amount for the Minnesota post retirement investment fund; modifying persons responsible for public pension fund annual financial reporting; removing certain financial annual report content requirements; removing the definition of current assets and providing a definition of actuarial value of assets for actuarial valuation purposes; modifying the general and correctional state employees, state patrol, legislators, elective state officers, judges, general public employees, public employees police and fire, local government correctional service and teachers postretirement interest rate assumptions; requiring use of certain salary assumptions and actuarial valuations prior to a certain date; modifying the correctional state employees retirement plan future salary increase assumption; changing the select calculation period to a designated select period and providing the designated select period and a calculation for state retirement plans; changing current ultimate future salary increase assumptions; modifying the general state, correctional state and general public employees and teachers and Duluth teachers retirement plans actuarial valuation; providing for actuarial valuation assumption applicability after a certain date, exceptions; requiring actuarial valuation exhibits to contain exhibits indicating unfunded actuarial accrued liability amortization; specifying full funding deadlines for the correctional state employees, judges and public employees police and fire retirement plans; requiring the actuarial valuation of retirement plant to include unfunded actuarial accrued liability calculation for amortization determination for the Minnesota post retirement investment fund; modifying legislative commission on pensions and retirement approval requirements and process before and after a certain date
(rt)