HF 2007

as introduced - 93rd Legislature (2023 - 2024) Posted on 02/20/2023 12:21pm

A bill for an act
relating to retirement; providing for a mid-year effective date for joining the Public
Employees Retirement Association statewide volunteer firefighter plan for the
Hamel Volunteer Fire Department Relief Association and the Loretto Firefighters
Relief Association; authorizing the Public Employees Retirement Association to
merge the assets and liabilities related to retirement benefits for firefighters in the
merged Hamel and Loretto fire departments.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1. new text begin STATEWIDE VOLUNTEER FIREFIGHTER PLAN COVERAGE FOR
HAMEL AND LORETTO FIREFIGHTERS; MERGER OF ASSETS AND
LIABILITIES.
new text end

new text begin Subdivision 1. new text end

new text begin Mid-year effective date for coverage by the statewide volunteer
firefighter plan. new text end

new text begin (a) If the requirements of paragraph (b) and all other requirements for
coverage by the statewide volunteer firefighter plan under Minnesota Statutes, section
353G.05, are satisfied by the governing boards of the independent nonprofit firefighting
corporation and the affiliated relief associations, the effective date of coverage is as provided
in paragraph (c) or (d), as applicable, notwithstanding Minnesota Statutes, section 353G.05,
subdivision 5, paragraph (c).
new text end

new text begin (b) The Hamel Volunteer Fire Department Relief Association and the Loretto Firefighters
Relief Association must submit to the state auditor detailed investment or financial statements
in a format satisfactory to the state auditor that confirm transfer of all special fund assets
to the State Board of Investment.
new text end

new text begin (c) Coverage of the volunteer firefighters employed by the independent nonprofit
firefighting corporation that operates the fire department that serves the community of
Hamel is effective on the later of the date of approval by the governing board of the
independent nonprofit firefighting corporation or the date of approval by the Board of
Trustees of the Hamel Volunteer Fire Department Relief Association.
new text end

new text begin (d) Coverage of the volunteer firefighters employed by the independent nonprofit
firefighting corporation that operates the fire department that serves the city of Loretto is
effective on the later of the date of approval by the governing board of the independent
nonprofit firefighting corporation or the date of approval by the Board of Trustees of the
Loretto Firefighters Relief Association.
new text end

new text begin Subd. 2. new text end

new text begin Merger of retirement accounts in the statewide volunteer firefighter plan
for the Hamel and Loretto firefighters. new text end

new text begin (a) The executive director of the public employees
retirement association must merge the assets and liabilities of the lump-sum retirement plan
account for the fire department that serves the community of Hamel with the assets and
liabilities of the lump-sum retirement plan account for the fire department that serves the
city of Loretto upon receipt of the following:
new text end

new text begin (1) resolutions approved by the governing board of the independent nonprofit firefighting
corporation associated with the fire department that serves the community of Hamel
approving the merger and directing the executive director to merge the lump-sum plan
accounts and take any other action determined necessary by the executive director to
effectuate the merger; and
new text end

new text begin (2) resolutions approved by the governing board of the independent nonprofit firefighting
corporation associated with the fire department that serves the city of Loretto approving the
merger and directing the executive director to merge the lump-sum plan accounts and take
any other action determined necessary by the executive director to effectuate the merger.
new text end

new text begin (b) The executive director is authorized to take whatever actions deemed necessary to
effectuate the merger, notwithstanding any state laws to the contrary.
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