2E Relating to retirement

ARTICLE 1 - STATUTORY ACTUARIAL ASSUMPTION AND CONFORMING CHANGES

Providing a select and ultimate preretirement interest rate assumption for state and major local public retirement plans; changing the legislator retirement plan amortization procedure; delaying certain quadrennial experience studies reporting; making conforming statutory changes

ARTICLE 2 - CONTRIBUTION ADEQUACY REPORTING

Requiring the commissioner of Minnesota management and budget (MMB) to provide a report on the adequacy of the budgeted and forecasted defined benefit retirement plan appropriations, aid, and contributions to meet actuarial funding requirements

ARTICLE 3 - MSRS-CORRECTIONAL PLAN MEMBERSHIP CHANGES

Updating the extended treatment options program name to the specialty health system-Cambridge; adding psychiatric advanced practice registered nurse to the nursing personnel employment classification system; changing corrections program therapist to clinical program therapist and adding clinical program specialist to additional department of human services personnel inclusion

ARTICLE 4 - HEALTH CARE SAVINGS PLAN MODIFICATIONS

Specifying that Minnesota state retirement system (MSRS) health care savings plan distributions must go to living persons; making administrative changes

ARTICLE 5 - MSRS-UNCLASSIFIED RETIREMENT PROGRAM MODIFICATIONS

Clarifying the unclassified employees retirement plan transfer to general employees retirement plan option

ARTICLE 6 - PERA-ADMINISTERED RETIREMENT PLAN MODIFICATIONS

Making technical changes; clarifying vesting, supplemental employer contributions, and actuarial valuation dates for the Minneapolis employees retirement fund (MERF); clarifying the public employees retirement association (PERA) police and fire disability benefit and workers compensation coordination; requiring PERA to study member minimum salary threshold updates

ARTICLE 7 - REVISIONS IN THE PERA PRIVATIZATION LAW

Expanding privatized public hospital pension benefits to persons employed by the Cedarview care center in Steele county and the Traverse care center in Traverse county; authorizing privatizations; decreasing augmentation rates applicable to new privatizations; modifying the privatization law refund effect

ARTICLE 8 - TRA ADMINISTRATIVE CHANGES AND RELATED MODIFICATIONS

Making technical changes; consolidating Minneapolis teachers retirement fund association provisions into teacher retirement association (TRA) provisions and requiring special school district #1 and Minneapolis additional contributions to TRA; establishing a general payment deficiency recovery provision; modifying the postretirement adjustment; repealing certain provisions relating to aid rededication and to contributions by employee and employer special direct state matching aid to
teachers retirement association

ARTICLE 9 - FEDERAL INTERNAL REVENUE CODE CONFORMITY PROVISIONS

Modifying a federal compensation limit applicable to an employer differential wage payment; modifying the maximum benefit limit and the compensation definition for federal conformance; modifying the maximum annual addition limitation applicable to defined contribution plans; defining limitation year; modifying eligible retirement plan to include Roth IRA and military service to include death and disability benefits

ARTICLE 10 - AUTHORIZED PUBLIC PENSION FUND INVESTMENT REVISIONS

Modifying certain report requirements; authorizing the state board of investment to invest in exchange-traded or mutual funds; moving certain investment authority from various first class city teacher plans and police and fire law provisions; removing certain plans from reporting requirements; clarifying pension fund to include relief association special fund; clarifying the volunteer firefighter relief associations limited investment list asset threshold; establishing new investment authority for volunteer fire plans with limited list plans; removing a cap limiting international debt; providing an investment authority transition provision; repealing certain alternative reporting requirements

ARTICLE 11 - LOCAL RELIEF ASSOCIATION OR CONSOLIDATION ACCOUNT MERGERS WITH PERA-P&F

Authorizing public employees retirement association (PERA) former Minneapolis police relief association to transfer the health insurance account to a successor financial institution; consolidating the Fairmont police relief association with PERA police and fire retirement plan; merging the Virginia fire consolidation account into PERA police and fire; terminating the Fairmont police relief association and the Virginia fire department relief association; repealing Fairmont police relief association provisions

ARTICLE 12 - VOLUNTEER FIRE RETIREMENT CHANGES

Clarifying fire relief association financial documents signers and recipients of financial requirements determinations; removing a state auditor requirement to forward copies to the state auditor; requiring financial requirements and minimum municipal obligations certifications to be made to responsible entities; expanding authority to pay salaries to association board members and authorizing governmental filings and fees; permitting municipal or independent nonprofit firefighting corporation contributions in excess of the applicable funding requirement; modifying the relief association definition; clarifying former firefighter return to service and coverage; authorizing defined contribution survivor benefits installment payments; recognizing certain firefighters as deferred service pensioners; clarifying the application of lump sum ancillary benefit limitation; allowing member dues to be credited as special fund contributions

ARTICLE 13 - SMALL GROUP OR ONE PERSON RETIREMENT PROVISIONS

Including the Seaway Port Authority of Duluth employees in the Public Employees Retirement Association (PERA) general employees retirement plan coverage; permitting a certain Minnesota state colleges and universities (MnSCU) faculty member to elect teachers retirement association (TRA) retroactive coverage; authorizing purchase of public employees retirement association (PERA) general employees retirement plan prior service credit for uncredited prior public employment by Crookston township; permitting a Mahnomen county deputy sheriff surviving spouse to file and receive disability benefits
(rt)