Legislative Session number- 87

Bill Name: SF1808

2E Relating to retirement

ARTICLE 1 - STATUTORY ACTUARIAL ASSUMPTION AND
CONFORMING CHANGES

Providing a select and ultimate preretirement interest
rate assumption for state and major local public retirement plans; changing the
legislator retirement plan amortization procedure; delaying certain quadrennial
experience studies reporting; making conforming statutory changes

ARTICLE 2 -
CONTRIBUTION ADEQUACY REPORTING

Requiring the commissioner of Minnesota
management and budget (MMB) to provide a report on the adequacy of the budgeted
and forecasted defined benefit retirement plan appropriations, aid, and
contributions to meet actuarial funding requirements

ARTICLE 3 -
MSRS-CORRECTIONAL PLAN MEMBERSHIP CHANGES

Updating the extended treatment
options program name to the specialty health system-Cambridge; adding
psychiatric advanced practice registered nurse to the nursing personnel
employment classification system; changing corrections program therapist to
clinical program therapist and adding clinical program specialist to additional
department of human services personnel inclusion

ARTICLE 4 - HEALTH CARE
SAVINGS PLAN MODIFICATIONS

Specifying that Minnesota state retirement system
(MSRS) health care savings plan distributions must go to living persons; making
administrative changes

ARTICLE 5 - MSRS-UNCLASSIFIED RETIREMENT PROGRAM
MODIFICATIONS

Clarifying the unclassified employees retirement plan transfer
to general employees retirement plan option

ARTICLE 6 - PERA-ADMINISTERED
RETIREMENT PLAN MODIFICATIONS

Making technical changes; clarifying vesting,
supplemental employer contributions, and actuarial valuation dates for the
Minneapolis employees retirement fund (MERF); clarifying the public employees
retirement association (PERA) police and fire disability benefit and workers
compensation coordination; requiring PERA to study member minimum salary
threshold updates

ARTICLE 7 - REVISIONS IN THE PERA PRIVATIZATION
LAW

Expanding privatized public hospital pension benefits to persons employed
by the Cedarview care center in Steele county and the Traverse care center in
Traverse county; authorizing privatizations; decreasing augmentation rates
applicable to new privatizations; modifying the privatization law refund
effect

ARTICLE 8 - TRA ADMINISTRATIVE CHANGES AND RELATED
MODIFICATIONS

Making technical changes; consolidating Minneapolis teachers
retirement fund association provisions into teacher retirement association (TRA)
provisions and requiring special school district #1 and Minneapolis additional
contributions to TRA; establishing a general payment deficiency recovery
provision; modifying the postretirement adjustment; repealing certain provisions
relating to aid rededication and to contributions by employee and employer
special direct state matching aid to
teachers retirement association

ARTICLE
9 - FEDERAL INTERNAL REVENUE CODE CONFORMITY PROVISIONS

Modifying a federal
compensation limit applicable to an employer differential wage payment;
modifying the maximum benefit limit and the compensation definition for federal
conformance; modifying the maximum annual addition limitation applicable to
defined contribution plans; defining limitation year; modifying eligible
retirement plan to include Roth IRA and military service to include death and
disability benefits

ARTICLE 10 - AUTHORIZED PUBLIC PENSION FUND INVESTMENT
REVISIONS

Modifying certain report requirements; authorizing the state board
of investment to invest in exchange-traded or mutual funds; moving certain
investment authority from various first class city teacher plans and police and
fire law provisions; removing certain plans from reporting requirements;
clarifying pension fund to include relief association special fund; clarifying
the volunteer firefighter relief associations limited investment list asset
threshold; establishing new investment authority for volunteer fire plans with
limited list plans; removing a cap limiting international debt; providing an
investment authority transition provision; repealing certain alternative
reporting requirements

ARTICLE 11 - LOCAL RELIEF ASSOCIATION OR CONSOLIDATION
ACCOUNT MERGERS WITH PERA-P&F

Authorizing public employees retirement
association (PERA) former Minneapolis police relief association to transfer the
health insurance account to a successor financial institution; consolidating the
Fairmont police relief association with PERA police and fire retirement plan;
merging the Virginia fire consolidation account into PERA police and fire;
terminating the Fairmont police relief association and the Virginia fire
department relief association; repealing Fairmont police relief association
provisions

ARTICLE 12 - VOLUNTEER FIRE RETIREMENT CHANGES

Clarifying fire
relief association financial documents signers and recipients of financial
requirements determinations; removing a state auditor requirement to forward
copies to the state auditor; requiring financial requirements and minimum
municipal obligations certifications to be made to responsible entities;
expanding authority to pay salaries to association board members and authorizing
governmental filings and fees; permitting municipal or independent nonprofit
firefighting corporation contributions in excess of the applicable funding
requirement; modifying the relief association definition; clarifying former
firefighter return to service and coverage; authorizing defined contribution
survivor benefits installment payments; recognizing certain firefighters as
deferred service pensioners; clarifying the application of lump sum ancillary
benefit limitation; allowing member dues to be credited as special fund
contributions

ARTICLE 13 - SMALL GROUP OR ONE PERSON RETIREMENT
PROVISIONS

Including the Seaway Port Authority of Duluth employees in the
Public Employees Retirement Association (PERA) general employees retirement plan
coverage; permitting a certain Minnesota state colleges and universities (MnSCU)
faculty member to elect teachers retirement association (TRA) retroactive
coverage; authorizing purchase of public employees retirement association (PERA)
general employees retirement plan prior service credit for uncredited prior
public employment by Crookston township; permitting a Mahnomen county deputy
sheriff surviving spouse to file and receive disability benefits
(rt)