3.85 LEGISLATIVE COMMISSION ON PENSIONS AND RETIREMENT.
Subdivision 1. Creation.
The Legislative Commission on Pensions and Retirement is created
to study and investigate public retirement systems.
Subd. 2. Powers.
The commission shall make a continuing study and investigation of
retirement benefit plans applicable to nonfederal government employees in this state. The powers
and duties of the commission include, but are not limited to the following:
(a) studying retirement benefit plans applicable to nonfederal government employees in
Minnesota, including federal plans available to the employees;
(b) making recommendations within the scope of its study, including attention to financing of
the various pension funds and financing of accrued liabilities;
(c) considering all aspects of pension planning and operation and making recommendations
designed to establish and maintain sound pension policy for all funds;
(d) filing a report at least biennially to each session of the legislature;
(e) analyzing each item of proposed pension and retirement legislation, including
amendments to each, with particular reference to analysis of their cost, actuarial soundness, and
adherence to sound pension policy, and reporting its findings to the legislature;
(f) creating and maintaining a library for reference concerning pension and retirement
matters, including information about laws and systems in other states; and
(g) studying, analyzing, and preparing reports in regard to subjects certified to the
commission for study.
Subd. 3. Membership.
The commission consists of five members of the senate appointed
by the Subcommittee on Committees of the Committee on Rules and Administration and five
members of the house of representatives appointed by the speaker. Members shall be appointed
at the commencement of each regular session of the legislature for a two-year term beginning
January 16 of the first year of the regular session. Members continue to serve until their successors
are appointed. Vacancies that occur while the legislature is in session shall be filled like regular
appointments. If the legislature is not in session, senate vacancies shall be filled by the last
Subcommittee on Committees of the senate Committee on Rules and Administration or other
appointing authority designated by the senate rules, and house vacancies shall be filled by the
last speaker of the house, or if the speaker is not available, by the last chair of the house Rules
Subd. 4. Office, meetings, officers.
The commission shall maintain an office in the Capitol
group of buildings in space which the commissioner of administration shall provide. The
commission shall hold meetings at the times and places it may designate. It shall select a chair, a
vice-chair, and other officers from its membership as it deems necessary.
Subd. 5. Staff.
The commission may employ professional and technical assistants as it
deems necessary to perform the duties prescribed in this section.
Subd. 6. Assistance of other agencies.
The commission may request information from any
state officer or agency or public pension fund or plan as defined in section
356.63, paragraph (b)
including a volunteer firefighters' relief association to which sections
assist it to carry out the terms of this section. The officer, agency, or public pension fund or
plan shall promptly furnish any data requested.
Subd. 7.[Repealed, 1996 c 310 s 1
Subd. 8. Expenses, reimbursement.
The members of the commission and its assistants shall
be reimbursed for all expenses actually and necessarily incurred in the performance of their duties.
Reimbursement for expenses incurred shall be made under the rules governing state employees.
Subd. 9. Expenses and reports.
Expenses of the commission shall be approved by the chair
or another member as the rules of the commission provide. The expenses shall then be paid like
other state expenses. A general summary or statement of expenses incurred by the commission
and paid shall be made to the legislature by November 15 of each even-numbered year.
Subd. 10. Standards for pension valuations and cost estimates.
The commission shall
adopt standards prescribing specific detailed methods to calculate, evaluate, and display current
and proposed law liabilities, costs, and actuarial equivalents of all public employee pension plans
in Minnesota. These standards shall be consistent with chapter 356 and be updated annually. The
standards must not contain a valuation requirement that is inconsistent with generally accepted
accounting principles applicable to government pension plans.
Subd. 11.[Repealed, 2004 c 223 s 11
Subd. 12.[Repealed, 2004 c 223 s 11
History: 1967 c 549 s 1-6; 1969 c 399 s 1; 1971 c 818 s 1,2; 1974 c 406 s 53; 1975 c 271 s
6; 1981 c 224 s 1; 1984 c 564 s 1,2; 1Sp1985 c 7 s 1,2,35; 1Sp1985 c 13 s 65; 1986 c 359 s 1;
1986 c 444; 1987 c 259 s 1; 1987 c 404 s 62; 1988 c 469 art 1 s 1; 1991 c 269 art 3 s 1; 1995 c
248 art 2 s 3; 1995 c 254 art 1 s 36; 1997 c 202 art 2 s 5; 1997 c 233 art 1 s 1,2; 1998 c 390 art 8
s 1; 1999 c 222 art 2 s 1,2; art 4 s 1; art 20 s 1; 2000 c 461 art 1 s 1; 2001 c 7 s 1; 1Sp2001 c 10
art 2 s 8; 2003 c 2 art 1 s 1; 2007 c 134 art 11 s 1