HF 1432

as introduced - 80th Legislature (1997 - 1998) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act
  1.2             relating to retirement; removing the requirement of an 
  1.3             actuarial valuation for certain volunteer firefighter 
  1.4             relief associations; proposing coding for new law in 
  1.5             Minnesota Statutes, chapter 69. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  [69.7725] [ACTUAL VALUATION EXEMPTION.] 
  1.8      Notwithstanding section 69.773 or section 69.051, a 
  1.9   volunteer firefighters relief association that provides for 
  1.10  paying a monthly service pension only to firefighters who have 
  1.11  retired before the effective date of this section need not 
  1.12  obtain an actuarial valuation showing the condition of the 
  1.13  special fund of the association.  This exemption does not apply 
  1.14  if the relief association seeks to increase the monthly service 
  1.15  pensions payable to retired firefighters.