3E Relating to retirement

ARTICLE 1 - INTEREST, SALARY, AND PAYROLL GROWTH ASSUMPTION CHANGES

Modifying actuarial valuation interest rate, salary increase, and payroll growth assumptions use for certain public pension plans

ARTICLE 2 - CONFORMING CHANGES IN REFUND REPAYMENT PROVISIONS RELATED TO INTEREST ASSUMPTION CHANGE

Conforming certain interest assumption changes in refund repayment provisions to certain public retirement plans

ARTICLE 3 - CONFORMING CHANGES IN LEAVE AND PRIOR SERVICE CREDIT PURCHASE PROVISIONS RELATED TO INTEREST ASSUMPTION CHANGE

Conforming changes in leave and prior service credit purchase provisions relating to changes in interest assumption for certain public retirement plans

ARTICLE 4 - POSTRETIREMENT ADJUSTMENT FINANCIAL SUSTAINABILITY TRIGGER MODIFICATIONS

Revising the reduced rate postretirement adjustment mechanisms of certain statewide retirement plans; revising the postretirement adjustment mechanism of the St. Paul teachers retirement fund association (SPTRFA) by increasing the minimum receipt period required to qualify for an SPTRFA postretirement adjustment; repealing the St. Paul teacher increase limit provision

ARTICLE 5 - CONTRIBUTION STABILIZER PROVISION MODIFICATIONS

Modifying certain provisions for directing criteria in making recommendations to adjust employee and employer contribution rates for people enrolled in the Minnesota state retirement system (MSRS), the public employees retirement association (PERA) or the teachers retirement association (TRA)

ARTICLE 6 - POLICE AND FIREFIGHTER RETIREMENT SUPPLEMENTAL STATE AID

Removing the termination of certain firefighter retirement supplemental state aid

ARTICLE 7 - STATEWIDE VOLUNTEER FIREFIGHTER RETIREMENT PLAN LUMP SUM RETIREMENT DIVISION MODIFICATIONS

Modifying certain provisions of the lump sum volunteer firefighter retirement plan relating to eligibility and computations

ARTICLE 8 - STATEWIDE VOLUNTEER FIREFIGHTER RETIREMENT PLAN MONTHLY BENEFIT RETIREMENT DIVISION CREATION

Establishing a voluntary statewide monthly benefit volunteer firefighter retirement plan to permit transfers of local monthly benefit volunteer firefighters relief association plan administration to the Public Employees Retirement Association (PERA); requiring a cost analysis and an invested assets review for finalization of coverage transfer under certain conditions; specifying certain annual funding requirements for monthly benefit accounts, certain survivor benefit amounts; authorizing fire chief to initiate certain post-transfer benefit plan document modifications

ARTICLE 9 - VOLUNTEER FIREFIGHTER RELIEF ASSOCIATION WORKING GROUP RECOMMENDATIONS

Implementing the recommendations of the state auditor's volunteer firefighter working group; modifying certain disbursement, accounting and benefit provisions; updating volunteer fire state aid references; addressing various relief association establishment and membership issues

ARTICLE 10 - PARTICULAR VOLUNTEER FIREFIGHTER RELIEF ASSOCIATION CHANGES

Providing for governance and administration of the Roseville volunteer firefighters relief association; providing for Lino Lakes firefighter past retirement coverage transfer with the Centennial volunteer firefighter relief association

ARTICLE 11 - SMALL GROUP RETIREMENT CHANGES

Modifying certain small group retirement provisions; modifying the definition of state employee; modifying and clarifying certain legislative employee provisions; including membership of certain Minnesota River Area Agency on Aging employees in the public employees retirement association (PERA); excluding certain electricians and pipefitters employed by the Minneapolis parks and recreation board with coverage under a collective bargaining agreement of the PERA; authorizing the purchase of allowable service credit for excluded pre-1995 seasonal department of revenue employees under the MSRS general plan; permitting a service credit purchase for a certain St. Paul public school employee and for a Nashville township employee omitted contribution period under PERA general plan

ARTICLE 12 - MSRS, PERA, AND TRA ADMINISTRATION PROVISIONS

Making administrative and technical modifications; making federal conformity changes affecting all state pension plans; clarifying coverage treatment of former MSHS-Cambridge employees; revising disability to retirement transfer dates for state patrol plan disabilitants; making administrative changes to the teachers retirement association (TRA), changing maximum excluded earnings limits from calendar year to fiscal year, and extending the interest-free period for leave of absence service credit purchases; correcting legislators plan postretirement adjustment trigger

ARTICLE 13 - OBSOLETE DATE REVISIONS AND VARIOUS CLARIFICATIONS

Removing outdated allowable service date statutory references, postretirement adjustment date statutory references, and pension date statutory references; making various technical corrections and clarifications; repealing certain statutes relating to public retirement funds

ARTICLE 14 - PERA-MERF MERGER PROVISIONS

Merging the Minneapolis employees retirement fund (MERF) into the general employees retirement plan of the public employees retirement association (PERA-General); modifying and clarifying certain provisions; making conforming changes and removing obsolete language; repealing certain provisions
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