ARTICLE 1 - VOLUNTARY STATEWIDE LUMP-SUM VOLUNTEER FIREFIGHTER RETIREMENT PLAN

Establishing a voluntary statewide lump-sum volunteer firefighter retirement plan; defining terms; providing coverage for all volunteer firefighters serving in fire departments in municipalities electing to have retirement coverage by the voluntary statewide lump-sum volunteer firefighter retirement plan; specifying election of coverage initiation and effective date of coverage; providing for disestablishment of local relief association special funds and transferring assets to the state board of investment and specifying other relief association changes; requiring the voluntary statewide lump-sum volunteer firefighter retirement plan to be managed and administered by the board of the voluntary statewide lump-sum volunteer firefighter retirement plan; prescribing membership, board duties, fiduciary obligation, attorney general as legal advisor and information to be provided by municipalities; providing for commissioner of finance as treasurer; requiring assets transferred to the state board of investment to be invested in the combined investment funds; providing a lump-sum service pension and specifying benefit levels; permitting a deferred service pension, installment payments, ancillary benefits, purchase of annuity contracts and transfer to individual retirement accounts (IRA); providing service credit for uniformed service (military) and specifying limitations; providing a supplemental volunteer firefighter benefit; specifying payment of supplemental benefit, state reimbursement, in lieu of income tax exclusion and coordination; establishing a statewide volunteer firefighter retirement fund in the treasury; requiring transfers of relief association special fund assets and fire state aid deposit, supplemental benefit reimbursement, regular municipal contribution and additional municipal contributions under certain underpayment conditions; appropriating money to the Minnesota state retirement system (MSRS) for deposit in the statewide volunteer firefighter retirement fund

ARTICLE 2 - CONFORMING AMENDMENTS

Providing conforming amendments to statutes relating to volunteer firefighters
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