Legislative Session number- 85

Bill Name: SF2715

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)