Office of the Revisor of Statutes
SF 1341
Introduction - 94th Legislature (2025 - 2026)
Posted on 02/14/2025 10:27 a.m.
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A bill for an act
relating to retirement; implementing the recommendations of the state auditor's
fire relief association working group; amending Minnesota Statutes 2024, sections
424A.014, subdivision 2; 424A.015, subdivision 4; 424A.016, subdivisions 2, 6;
424A.05, subdivision 3; 424A.06, subdivision 2; 424A.092, subdivisions 2, 3, 4;
424A.093, subdivision 5; repealing Minnesota Statutes 2024, section 424A.015,
subdivision 5.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Section 1.
Minnesota Statutes 2024, section 424A.014, subdivision 2, is amended to read:
Subd. 2.
Financial statement.
(a) The board of trustees of each firefighters relief
association that is not required to and does not choose to file a financial report and audit
under subdivision 1 must prepare a detailed statement of the financial affairs for the preceding
fiscal year of the relief association's special and general funds in the style and form prescribed
by the state auditor. The detailed statement must show:
(1) the sources and amounts of all money received;
(2) all disbursements, accounts payable, and accounts receivable;
(3) the amount of money remaining in the treasury;
(4) total assets, including a listing of all investments;
(5) the accrued liabilities; and
(6) all other items necessary to show accurately the revenues and expenditures and
financial position of the relief association.
(b) The detailed financial statement of the special and general funds required under
paragraph (a) must be certified by a certified public accountant or by the state auditor in
accordance with agreed-upon procedures and forms prescribed by the state auditor. The
accountant must have at least five years of public accounting, auditing, or similar experience
and must not be an active, inactive, or retired member of the relief association or the fire
department.
(c) The detailed financial statement required under paragraph (a) must be countersigned
by:
(1) the municipal clerk or clerk-treasurer of the municipality;
(2) where applicable, the municipal clerk or clerk-treasurer of the largest municipality
in population that contracts with the independent nonprofit firefighting corporation if the
relief association is a subsidiary of an independent nonprofit firefighting corporation, and
by the secretary of the independent nonprofit firefighting corporation; or
(3) the chief financial official of the county in which the firefighters relief association
is located or primarily located if the relief association is associated with a fire department
that is not located in or associated with an organized municipality.
(d) The firefighters relief association board must submit a copy of the detailed financial
statement required under paragraph (a) that has been certified by the governing body of the
municipality to the state auditor on or before deleted text begin March 31deleted text end new text begin June 30new text end after the close of the fiscal
year.
(e) A certified public accountant or auditor who performs the agreed-upon procedures
under paragraph (b) is subject to the reporting requirement of section 6.67.
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective January 1, 2026.
new text end
Sec. 2.
Minnesota Statutes 2024, section 424A.015, subdivision 4, is amended to read:
Subd. 4.
deleted text begin Transfer to individual retirement accountdeleted text end new text begin Right to elect a direct rollovernew text end .
deleted text begin
A
relief association that is a qualified pension plan under section 401(a) of the Internal Revenue
Code, as amended, and that provides a single payment service pension, at the written request
of the applicable retiring member or, following the death of the active member, at the written
request of the deceased member's surviving spouse, may directly transfer on an
institution-to-institution basis the eligible member's lump-sum pension or the survivor
benefit attributable to the member, whichever applies, to the requesting person's individual
retirement account under section 408(a) of the Internal Revenue Code, as amended.
deleted text end
new text begin
A relief
association must permit a member, a surviving spouse, or another distributee as defined in
section 356.633, subdivision 1, paragraph (b), to elect a direct rollover of any distribution
that is an eligible rollover distribution as defined in section 356.633, subdivision 1, paragraph
(d), subject to the terms and conditions of section 356.633.
new text end
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective the day following final enactment.
new text end
Sec. 3.
Minnesota Statutes 2024, section 424A.016, subdivision 2, is amended to read:
Subd. 2.
Defined contribution service pension eligibility.
(a) A relief association,
when its articles of incorporation or bylaws so provide, may pay new text begin as soon as practicable new text end out
of the assets of its special fund a defined contribution service pension to each of its members
who:
(1) separates from active service with the fire department;
(2) deleted text begin reaches age 50deleted text end new text begin submits a valid written application for the distributionnew text end ;
(3) completes at least five years of active service as an active member of the fire
department to which the relief association is associated;
(4) completes at least five years of active membership with the relief association before
separation from active service; and
(5) complies with any additional conditions as to age, service, and membership that are
prescribed by the bylaws of the relief association.
(b) In the case of a member who has completed at least five years of active service as
an active member of the fire department to which the relief association is associated on the
date that the relief association is established and incorporated, the requirement that the
member complete at least five years of active membership with the relief association before
separation from active service may be waived by the board of trustees of the relief association
if the member completes at least five years of inactive membership with the relief association
before the date of the payment of the service pension. During the period of inactive
membership, the member is not entitled to receive any disability benefit coverage, is not
entitled to receive additional individual account allocation of fire state aid or municipal
contribution toward a service pension, and is considered to have the status of a person
entitled to a deferred service pension.
(c) The service pension earned by a firefighter under this chapter and the articles of
incorporation and bylaws of the relief association may be paid whether or not the municipality
or independent nonprofit firefighting corporation to which the relief association is associated
qualifies for the receipt of fire state aid under chapter 477B.
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective January 1, 2026.
new text end
Sec. 4.
Minnesota Statutes 2024, section 424A.016, subdivision 6, is amended to read:
Subd. 6.
Deferred service pensions.
(a) A "deferred member" means a member of a
relief association who has separated from active service and membership and has completed
the minimum service and membership requirements in subdivision 2. The requirement that
a member separate from active service and membership is waived for deleted text begin personsdeleted text end new text begin any person
new text end who deleted text begin havedeleted text end new text begin has new text end discontinued deleted text begin theirdeleted text end volunteer firefighter and paid on-call firefighter duties and
deleted text begin who aredeleted text end new text begin is new text end employed on a part-time or full-time basis under section 424A.015, subdivision
1.
(b) A deferred member is entitled to receive a deferred service pension deleted text begin whendeleted text end new text begin as soon as
practicable after new text end the member deleted text begin reaches at least age 50, or at least the minimum age specified
in the bylaws governing the relief association if that age is greater than age 50, and makesdeleted text end
new text begin submits new text end a valid written applicationnew text begin for the distribution and complies with any conditions as
to age prescribed by the relief association's bylawsnew text end .
(c) A defined contribution relief association must credit interest or additional investment
performance on the deferred lump-sum service pension during the period of deferral for all
deferred members on or after January 1, 2021. A defined contribution relief association
may specify in its bylaws the method by which it will credit interest or additional investment
performance to the accounts of deferred members. Such method shall be limited to one of
the three methods provided in this paragraph. In the event the bylaws do not specify a
method, the interest or additional investment performance must be credited using the method
defined in clause (3). The permissible methods are:
(1) at the investment performance rate actually earned on that portion of the assets if the
deferred benefit amount is invested by the relief association in a separate account established
and maintained by the relief association;
(2) at the investment performance rate actually earned on that portion of the assets if the
deferred benefit amount is invested in a separate investment vehicle held by the relief
association; or
(3) at the investment return on the assets of the special fund of the defined contribution
relief association in proportion to the share of the assets of the special fund to the credit of
each individual deferred member account.
(d) Notwithstanding the requirements of section 424A.015, subdivision 6, bylaw
amendments made in accordance with paragraph (c) on or before January 1, 2022, shall
apply to members already in deferred status as of January 1, 2021.
(e) Unless the bylaws provide differently, interest or additional investment performance
must be allocated to each deferred member account beginning on the date that the member
separates from active service and membership and ending on the last date that the deferred
member account is valued before the final distribution of the deferred service pension.
new text begin
(f) Notwithstanding the requirements of section 424A.015, subdivision 6, a relief
association that amends its bylaws to lower the required minimum retirement age may
specify in the bylaws amendment that the lower minimum retirement age applies to members
who separated from active service and membership prior to the effective date of the bylaws
amendment.
new text end
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective January 1, 2026.
new text end
Sec. 5.
Minnesota Statutes 2024, section 424A.05, subdivision 3, is amended to read:
Subd. 3.
Authorized disbursements from special fund.
(a) Disbursements from the
special fund may not be made for any purpose other than one of the following:
(1) for the payment new text begin or direct rollover under section 356.633 new text end of service pensions to deleted text begin retireddeleted text end
members of the relief association if authorized and paid under law and the bylaws governing
the relief association;
(2) for the purchase of an annuity for the applicable person under section 424A.015,
subdivision 3deleted text begin , for the transfer of service pension or benefit amounts to the applicable person's
individual retirement account under section 424A.015, subdivision 4, or to the applicable
person's account in the Minnesota deferred compensation plan under section 424A.015,
subdivision 5deleted text end ;
(3) for the payment new text begin or direct rollover under section 356.633 new text end of temporary or permanent
disability benefits to disabled members of the relief association if authorized and paid under
law and specified in amount in the bylaws governing the relief association;
(4) for the payment new text begin or direct rollover under section 356.633 new text end of survivor benefits or for
the payment of a death benefit to the estate of the deceased active or deferred firefighter, if
authorized and paid under law and specified in amount in the bylaws governing the relief
association;
(5) for the payment of the fees, dues and assessments to the Minnesota State Fire
Department Association and to the Minnesota State Fire Chiefs Association in order to
entitle relief association members to membership in and the benefits of these associations
or organizations;
(6) for the payment of insurance premiums to the state Volunteer Firefighters Benefit
Association, or an insurance company licensed by the state of Minnesota offering casualty
insurance, in order to entitle relief association members to membership in and the benefits
of the association or organization;
(7) for the payment of administrative expenses of the relief association as authorized
under subdivision 3b; and
(8) for the payment new text begin or direct rollover under section 356.633 new text end of a service pension to the
former spouse of a member or former member of a relief association, if the former spouse
is an alternate payee designated in a qualified domestic relations order under subdivision
5.
(b) Checks or authorizations for electronic fund transfers for disbursements authorized
by this section must be signed by the relief association treasurer and at least one other elected
trustee who has been designated by the board of trustees to sign the checks or authorizations.
A relief association may make disbursements authorized by this subdivision by electronic
fund transfers only if the specific method of payment and internal control policies and
procedures regarding the method are approved by the board of trustees.
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective the day following final enactment.
new text end
Sec. 6.
Minnesota Statutes 2024, section 424A.06, subdivision 2, is amended to read:
Subd. 2.
General fund assets and revenues.
(a) The general fund, if established, must
be credited with the following:
(1) all money received from dues deleted text begin other than dues payable as contributions under the
bylaws of the relief association to the special funddeleted text end ;
(2) all money received from fines;
(3) all money received from initiation fees;
(4) all money received as entertainment revenues; and
(5) any money or property donated, given, granted or devised by any person, either for
the support of the general fund of the relief association or for unspecified purposes.
(b) The treasurer of the relief association is the custodian of the assets of the general
fund and must be the recipient on behalf of the general fund of all revenues payable to the
general fund. The treasurer shall maintain adequate records documenting any transaction
involving the assets or the revenues of the general fund. These records must be open for
inspection by any member of the relief association at reasonable times and places.
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective January 1, 2026.
new text end
Sec. 7.
Minnesota Statutes 2024, section 424A.092, subdivision 2, is amended to read:
Subd. 2.
Determination of accrued liability.
(a) deleted text begin Beginning with the calculation
performed in 2021 for the 2022 calendar year,deleted text end Each firefighters relief association which
pays a lump-sum service pension shall determine the accrued liability of the special fund
of the firefighters relief association relative to each active member of the relief association,
calculated using the applicable appendix to the standards for actuarial work established by
the Legislative Commission on Pensions and Retirement under section 3.85, subdivision
10.
deleted text begin
(b) For calendar years before 2022, each firefighters relief association shall determine
the accrued liability of the special fund of the firefighters relief association relative to each
active member of the relief association, calculated individually using the following table:
deleted text end
|
deleted text begin
Cumulative Year deleted text end |
deleted text begin
Accrued Liability deleted text end |
||
|
deleted text begin
............ deleted text end |
deleted text begin
............ deleted text end |
||
|
deleted text begin
1 deleted text end |
deleted text begin
$ deleted text end |
deleted text begin
60 deleted text end |
|
|
deleted text begin
2 deleted text end |
deleted text begin
124 deleted text end |
||
|
deleted text begin
3 deleted text end |
deleted text begin
190 deleted text end |
||
|
deleted text begin
4 deleted text end |
deleted text begin
260 deleted text end |
||
|
deleted text begin
5 deleted text end |
deleted text begin
334 deleted text end |
||
|
deleted text begin
6 deleted text end |
deleted text begin
410 deleted text end |
||
|
deleted text begin
7 deleted text end |
deleted text begin
492 deleted text end |
||
|
deleted text begin
8 deleted text end |
deleted text begin
576 deleted text end |
||
|
deleted text begin
9 deleted text end |
deleted text begin
666 deleted text end |
||
|
deleted text begin
10 deleted text end |
deleted text begin
760 deleted text end |
||
|
deleted text begin
11 deleted text end |
deleted text begin
858 deleted text end |
||
|
deleted text begin
12 deleted text end |
deleted text begin
962 deleted text end |
||
|
deleted text begin
13 deleted text end |
deleted text begin
1070 deleted text end |
||
|
deleted text begin
14 deleted text end |
deleted text begin
1184 deleted text end |
||
|
deleted text begin
15 deleted text end |
deleted text begin
1304 deleted text end |
||
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deleted text begin
16 deleted text end |
deleted text begin
1428 deleted text end |
||
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deleted text begin
17 deleted text end |
deleted text begin
1560 deleted text end |
||
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deleted text begin
18 deleted text end |
deleted text begin
1698 deleted text end |
||
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deleted text begin
19 deleted text end |
deleted text begin
1844 deleted text end |
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deleted text begin
20 deleted text end |
deleted text begin
2000 deleted text end |
||
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deleted text begin
21 deleted text end |
deleted text begin
and thereafter deleted text end |
deleted text begin
100 deleted text end |
deleted text begin
additional per year deleted text end |
deleted text begin
As set forth in the table the accrued liability for each member of the relief association
corresponds to the cumulative years of active service to the credit of the member. The
accrued liability of the special fund for each active member is determined by multiplying
the accrued liability from the chart by the ratio of the lump-sum service pension amount
currently provided for in the bylaws of the relief association to a service pension of $100
per year of service.
deleted text end
deleted text begin (c)deleted text end new text begin (b) new text end If a member has fractional service as of December 31, the figure for service credit
to be used for the determination of accrued liability pursuant to this section shall be rounded
to the nearest full year of service credit. The total accrued liability of the special fund as of
December 31 shall be the sum of the accrued liability attributable to each active member
of the relief association.
deleted text begin (d)deleted text end new text begin (c) new text end To the extent that the state auditor considers it to be necessary or practical, the
state auditor may specify and issue procedures, forms, or mathematical tables for use in
performing the calculations of the accrued liability for deferred members pursuant to this
subdivision.
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective the day following final enactment.
new text end
Sec. 8.
Minnesota Statutes 2024, section 424A.092, subdivision 3, is amended to read:
Subd. 3.
Financial requirements of relief association; minimum obligation of
municipality.
(a) During the month of July, the officers of the relief association shall
determine the overall funding balance of the special fund for the current calendar year, the
financial requirements of the special fund for the following calendar year and the minimum
obligation of the municipality with respect to the special fund for the following calendar
year in accordance with the requirements of this subdivision.
(b) The overall funding balance of the special fund for the current calendar year must
be determined in the following manner:
(1) The total accrued liability of the special fund for all active and deferred members of
the relief association as of December 31 of the current year must be calculated under
subdivisions 2 and 2a, if applicable.
(2) The total present assets of the special fund projected to December 31 of the current
year, including receipts by and disbursements from the special fund anticipated to occur on
or before December 31, must be calculated. To the extent possible, for those assets for which
a market value is readily ascertainable, the current market value as of the date of the
calculation for those assets must be utilized in making this calculation. For any asset for
which no market value is readily ascertainable, the cost value or the book value, whichever
is applicable, must be utilized in making this calculation.
(3) The amount of the total present assets of the special fund calculated under clause (2)
must be subtracted from the amount of the total accrued liability of the special fund calculated
under clause (1). If the amount of total present assets exceeds the amount of the total accrued
liability, then the special fund is considered to have a surplus over full funding. If the amount
of the total present assets is less than the amount of the total accrued liability, then the
special fund is considered to have a deficit from full funding. If the amount of total present
assets is equal to the amount of the total accrued liability, then the special fund is considered
to be fully funded.
(c) The financial requirements of the special fund for the following calendar year must
be determined in the following manner:
(1) The total accrued liability of the special fund for all active and deferred members of
the relief association as of December 31 of the calendar year next following the current
calendar year must be calculated under subdivisions 2 and 2a, if applicable.
(2) The increase in the total accrued liability of the special fund for the following calendar
year over the total accrued liability of the special fund for the current year must be calculated.
(3) The amount of anticipated future administrative expenses of the special fund must
be calculated by multiplying the dollar amount of the administrative expenses of the special
fund for the most recent prior calendar year by the factor of 1.035.
(4) If the special fund is fully funded, the financial requirements of the special fund for
the following calendar year are the total of the amounts calculated under clauses (2) and
(3).
(5) If the special fund has a deficit from full funding, the financial requirements of the
special fund for the following calendar year are the financial requirements of the special
fund calculated as though the special fund were fully funded under clause (4) plus an amount
equal to one-tenth of the original amount of the deficit from full funding of the special fund
as determined under clause (2) resulting either from an increase in the amount of the service
pension occurring in the last ten years or from a net annual investment loss occurring during
the last ten years until each increase in the deficit from full funding is fully retired. The
annual amortization contribution under this clause may not exceed the amount of the deficit
from full funding.
(6) If the special fund has a surplus over full funding, the financial requirements of the
special fund for the following calendar year are the financial requirements of the special
fund calculated as though the special fund were fully funded under clause (4) reduced by
an amount equal to one-tenth of the amount of the surplus over full funding of the special
fund.
(d) The minimum obligation of the municipality with respect to the special fund is the
financial requirements of the special fund reduced by the amount of any fire state aid and
police and firefighter retirement supplemental state aid payable under chapter 477B and
section 423A.022 reasonably anticipated to be received by the municipality for transmittal
to the special fund during the following calendar year,new text begin andnew text end an amount of interest on the
assets of the special fund projected to the beginning of the following calendar year calculated
at the rate of five percent per annumdeleted text begin , and the amount of any contributions to the special
fund required by the relief association bylaws from the active members of the relief
association reasonably anticipated to be received during the following calendar yeardeleted text end . A
reasonable amount of anticipated fire state aid is an amount that does not exceed the fire
state aid actually received in the prior year multiplied by the factor 1.035.
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective January 1, 2026.
new text end
Sec. 9.
Minnesota Statutes 2024, section 424A.092, subdivision 4, is amended to read:
Subd. 4.
Certification of financial requirements and minimum municipal obligation;
levy.
(a) The officers of the relief association shall certify the financial requirements of the
special fund of the relief association and the minimum obligation of the municipality with
respect to the special fund of the relief association as determined under subdivision 3 on or
before August 1 of each year. The certification must be made to the entity that is responsible
for satisfying the minimum obligation with respect to the special fund of the relief association.
If the responsible entity is a joint powers entity, the certification must be made in the manner
specified in the joint powers agreement, or if the joint powers agreement is silent on this
point, the certification must be made to the chair of the joint powers board.
(b) The financial requirements of the relief association and the minimum municipal
obligation must be included in the financial report or financial statement under section
424A.014. The schedule forms related to the determination of the financial requirements
must be filed new text begin annually new text end with the state auditor by deleted text begin March 31, annually, if the relief association
is required to file a financial statement under section 424A.014, subdivision 2, or bydeleted text end June
30deleted text begin , annually, if the relief association is required to file a financial report and audit under
section 424A.014, subdivision 1deleted text end .
(c) The municipality shall provide for at least the minimum obligation of the municipality
with respect to the special fund of the relief association by tax levy or from any other source
of public revenue.
(d) The municipality may levy taxes for the payment of the minimum municipal obligation
without any limitation as to rate or amount and irrespective of any limitations imposed by
other provisions of law upon the rate or amount of taxation until the balance of the special
fund or any fund of the relief association has attained a specified level. In addition, any
taxes levied under this section must not cause the amount or rate of any other taxes levied
in that year or to be levied in a subsequent year by the municipality which are subject to a
limitation as to rate or amount to be reduced.
(e) If the municipality does not include the full amount of the minimum municipal
obligations in its levy for any year, the officers of the relief association shall certify that
amount to the county auditor, who shall spread a levy in the amount of the certified minimum
municipal obligation on the taxable property of the municipality.
(f) If the state auditor determines that a municipal contribution actually made in a plan
year was insufficient under section 424A.091, subdivision 3, paragraph (c), clause (5), the
state auditor may request a copy of the certifications under this subdivision from the relief
association or from the city. The relief association or the city, whichever applies, must
provide the certifications within 14 days of the date of the request from the state auditor.
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective January 1, 2026.
new text end
Sec. 10.
Minnesota Statutes 2024, section 424A.093, subdivision 5, is amended to read:
Subd. 5.
Minimum municipal obligation.
(a) The officers of the relief association shall
determine the minimum obligation of the municipality with respect to the special fund of
the relief association for the following calendar year on or before August 1 of each year in
accordance with the requirements of this subdivision.
(b) The minimum obligation of the municipality with respect to the special fund is an
amount equal to the financial requirements of the special fund of the relief association
determined under subdivision 4, reduced by the estimated amount of any fire state aid and
police and firefighter retirement supplemental state aid payable under chapter 477B and
section 423A.022 reasonably anticipated to be received by the municipality for transmittal
to the special fund of the relief association during the following year deleted text begin and the amount of any
anticipated contributions to the special fund required by the relief association bylaws from
the active members of the relief association reasonably anticipated to be received during
the following calendar yeardeleted text end . A reasonable amount of anticipated fire state aid is an amount
that does not exceed the fire state aid actually received in the prior year multiplied by the
factor 1.035.
(c) The officers of the relief association shall certify the financial requirements of the
special fund of the relief association and the minimum obligation of the municipality with
respect to the special fund of the relief association as determined under subdivision 4 and
this subdivision by August 1 of each year. The certification must be made to the entity that
is responsible for satisfying the minimum obligation with respect to the special fund of the
relief association. If the responsible entity is a joint powers entity, the certification must be
made in the manner specified in the joint powers agreement, or if the joint powers agreement
is silent on this point, the certification must be made to the chair of the joint powers board.
(d) The financial requirements of the relief association and the minimum municipal
obligation must be included in the financial report or financial statement under section
424A.014.
(e) The municipality shall provide for at least the minimum obligation of the municipality
with respect to the special fund of the relief association by tax levy or from any other source
of public revenue. The municipality may levy taxes for the payment of the minimum
municipal obligation without any limitation as to rate or amount and irrespective of any
limitations imposed by other provisions of law or charter upon the rate or amount of taxation
until the balance of the special fund or any fund of the relief association has attained a
specified level. In addition, any taxes levied under this section must not cause the amount
or rate of any other taxes levied in that year or to be levied in a subsequent year by the
municipality which are subject to a limitation as to rate or amount to be reduced.
(f) If the municipality does not include the full amount of the minimum municipal
obligation in its levy for any year, the officers of the relief association shall certify that
amount to the county auditor, who shall spread a levy in the amount of the minimum
municipal obligation on the taxable property of the municipality.
(g) If the state auditor determines that a municipal contribution actually made in a plan
year was insufficient under section 424A.091, subdivision 3, paragraph (c), clause (5), the
state auditor may request from the relief association or from the city a copy of the
certifications under this subdivision. The relief association or the city, whichever applies,
must provide the certifications within 14 days of the date of the request from the state auditor.
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective January 1, 2026.
new text end
Sec. 11. new text begin REPEALER.
new text end
new text begin
Minnesota Statutes 2024, section 424A.015, subdivision 5,
new text end
new text begin
is repealed.
new text end
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective the day following final enactment.
new text end
APPENDIX
Repealed Minnesota Statutes: 25-01542
424A.015 GENERALLY APPLICABLE FIREFIGHTERS RELIEF ASSOCIATION PENSION PLAN REGULATION.
Subd. 5.
Minnesota deferred compensation plan transfers.
A relief association may directly transfer on an institution-to-institution basis the eligible member's lump-sum pension amount to the requesting member's account in the Minnesota deferred compensation plan, if:
(1) the governing articles of incorporation or bylaws so provide;
(2) the firefighter participates in the Minnesota deferred compensation plan at the time of retirement; and
(3) the applicable retiring firefighter requests in writing that the relief association do so.