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HF 4016

as introduced - 92nd Legislature (2021 - 2022) Posted on 03/07/2022 03:01pm

KEY: stricken = removed, old language.
underscored = added, new language.

Current Version - as introduced

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A bill for an act
relating to retirement; establishing a work group to study member communications
by the statewide pension systems; requiring a report.

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

Section 1. new text beginWORK GROUP TO STUDY RETIREMENT PLAN COMMUNICATION.
new text end

new text begin (a) The executive director of the Legislative Commission on Pensions and Retirement
shall convene a work group to study the accuracy and effectiveness of communication
materials generated by the state's public pension and deferred compensation plans.
"Communication materials" include newsletters, plan booklets, form letters and e-mails,
and election forms.
new text end

new text begin (b) Members of the work group must include:
new text end

new text begin (1) one active member and one retiree from each of the following:
new text end

new text begin (i) a plan administered by the Minnesota State Retirement System;
new text end

new text begin (ii) a plan administered by the Public Employees Retirement Association; and
new text end

new text begin (iii) the Teachers Retirement Association;
new text end

new text begin (2) the executive directors of the Public Employees Retirement Association, the Minnesota
State Retirement System, and the Teachers Retirement Association;
new text end

new text begin (3) one representative of the Department of Revenue's communications division,
designated by the commissioner of revenue;
new text end

new text begin (4) one former elected member of the Minnesota legislature;
new text end

new text begin (5) one attorney who specializes in pension and retirement plans and regularly prepares
or provides advice regarding plan documents, summary plan descriptions, and other materials
for corporate clients who sponsor such plans; and
new text end

new text begin (6) one human resources consultant or executive who regularly advises one or more
Minnesota corporations regarding communications relating to pension or retirement plans.
new text end

new text begin (c) The chair of the Legislative Commission on Pensions and Retirement shall appoint
the members of the work group except for the executive directors of the pension systems
and the member designated by the commissioner of revenue. The chair shall appoint the
chair of the work group from its members. The appointment of the work group members
and chair must occur before September 1, 2022.
new text end

new text begin (d) The work group may conduct meetings remotely. Members serve without
compensation.
new text end

new text begin (e) The work group shall submit a report by December 31, 2023, to the chair, vice-chair,
and executive director of the Legislative Commission on Pensions and Retirement.
new text end

new text begin (f) The work group expires on June 30, 2024.
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