SF 3900

as introduced - 91st Legislature (2019 - 2020) Posted on 05/28/2020 09:58am

A bill for an act
relating to retirement; Brooklyn Park Firefighters' Relief Association; dissolution
of the relief association and termination of the retirement plan.

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

Section 1. new text begin BROOKLYN PARK FIREFIGHTERS' RELIEF ASSOCIATION
DISSOLUTION AND PLAN TERMINATION.
new text end

new text begin (a) Notwithstanding any provision of Minnesota Statutes, chapters 424A, 424B, or any
other law to the contrary, the retirement plan administered by the Brooklyn Park Firefighters'
Relief Association is terminated and the relief association is dissolved in accordance with
the provisions of this section following the payment by the relief association of all benefits,
the settlement of all legal obligations, and the distribution of all remaining assets of the
relief association.
new text end

new text begin (b) For the purposes of this section:
new text end

new text begin (1) "alternate payee" means a spouse, former spouse, child, or other dependent of a
volunteer firefighter, who is recognized by a divorce decree or domestic relations order as
having a right to receive all or a portion of the volunteer firefighter's account;
new text end

new text begin (2) "city" means the city of Brooklyn Park;
new text end

new text begin (3) "relief association" means the Brooklyn Park Firefighters' Relief Association;
new text end

new text begin (4) "retirement plan" means the defined contribution retirement plan sponsored,
administered, and maintained by the relief association; and
new text end

new text begin (5) "volunteer firefighter" means a volunteer firefighter, as defined in Minnesota Statutes,
section 424A.001, subdivision 10, employed or previously employed by the city and who
has an account in the retirement plan.
new text end

new text begin (c) The retirement plan is terminated and the volunteer firefighters become 100 percent
vested in their accounts in the retirement plan effective on December 31, 2019, or, if earlier,
the date that the city terminates the employment of the last of its volunteer firefighters. For
purposes of this section, the city will be considered to have terminated the employment of
a volunteer firefighter even if the city hires or continues to employ the volunteer firefighter
as a part-time or full-time city employee performing firefighting or other services.
new text end

new text begin (d) The account of each volunteer firefighter who becomes fully vested under paragraph
(c) shall include an allocation of any forfeiture that is required to occur on December 31,
2019, if the volunteer firefighter is entitled to such allocation under the bylaws of the relief
association. Any account so forfeited shall not be included in the accounts that become fully
vested under paragraph (c).
new text end

new text begin (e) The relief association is dissolved effective on the date that the relief association
completes the following actions:
new text end

new text begin (1) prepares and files with the Office of the State Auditor final audited financial
statements, pursuant to Minnesota Statutes, section 424A.014, subdivision 1;
new text end

new text begin (2) satisfies the requirements of Minnesota Statutes, section 424B.20, subdivision 3,
including the settlement of legal obligations owed to any party to the extent authorized by
Minnesota Statutes, section 424A.05, subdivision 3;
new text end

new text begin (3) distributes the account of each volunteer firefighter, regardless of the age of the
volunteer firefighter, and each alternate payee, in the form of a lump sum payment or direct
rollover, at the election of the volunteer firefighter or alternate payee; and
new text end

new text begin (4) satisfies the requirements of Minnesota Statutes, section 424B.20, subdivision 5,
including the transfer of records to the city and notice to the commissioner of revenue, the
state auditor, and the secretary of state.
new text end

new text begin (f) Within 60 days after the distribution of the accounts under paragraph (e), clause (3),
the city shall pay a supplemental lump sum benefit to each volunteer firefighter and survivor
who satisfies the requirements of Minnesota Statutes, section 424A.10, subdivision 2,
regardless of the age of the volunteer firefighter.
new text end

new text begin (g) The city shall file for and the commissioner of revenue shall reimburse the city
pursuant to Minnesota Statutes, section 424A.10, subdivision 3, for the supplemental benefits
paid under paragraph (f).
new text end

new text begin (h) The city is subject to Minnesota Statutes, section 477B.04, subdivision 3, paragraph
(c), for calendar year 2020 with respect to any fire state aid it receives, including the
requirement that it disburse the fire state aid solely for the purposes authorized by Minnesota
Statutes, section 424A.08.
new text end

new text begin EFFECTIVE DATE; LOCAL APPROVAL. new text end

new text begin This section is effective the day after
the Brooklyn Park City Council and its chief clerical officer timely complete their compliance
with Minnesota Statutes, section 645.021, subdivisions 2 and 3.
new text end