2026 Minnesota Statutes

356.461 VARIOUS RETIREMENT SYSTEMS; JOINT AND SURVIVOR ANNUITY COMPUTATION.

Subdivision 1.Joint and survivor annuity computation.

(a) Notwithstanding any provision of section 356.215, subdivision 8, or 356.415 to the contrary, for purposes of computing joint and survivor annuities under each covered retirement plan in subdivision 2, the applicable investment return assumption is 6.5 percent unless a different percentage has been approved or deemed approved under paragraph (b) for the covered retirement plan.

(b) A change in the investment return assumption for computing joint and survivor annuities may be proposed by the governing board of a covered retirement plan. The assumption may be changed only with the approval of the Legislative Commission on Pensions and Retirement or after a period of one year has elapsed since the date on which the proposed assumption change was received by the Legislative Commission on Pensions and Retirement without commission action.

(c) The executive director of the Legislative Commission on Pensions and Retirement must update the appendix to the standards for actuarial work whenever a change in the assumption is approved or deemed approved.

Subd. 2.Covered plans.

This section applies to the following retirement plans:

(1) the legislators retirement plan, established under chapter 3A, including constitutional officers as specified in that chapter;

(2) the correctional state employees retirement plan of the Minnesota State Retirement System, established under chapter 352;

(3) the general state employees retirement plan of the Minnesota State Retirement System, established under chapter 352;

(4) the State Patrol retirement plan, established under chapter 352B;

(5) the unclassified state employees retirement program of the Minnesota State Retirement System, established under chapter 352D;

(6) the judges retirement plan, established under chapter 490;

(7) the general employees retirement plan of the Public Employees Retirement Association, established under chapter 353;

(8) the public employees police and fire retirement plan of the Public Employees Retirement Association, established under chapter 353;

(9) the local government correctional service retirement plan of the Public Employees Retirement Association, established under chapter 353E;

(10) the Teachers Retirement Association, established under chapter 354; and

(11) the local government probation and telecommunicator retirement plan of the Public Employees Retirement Association, established under chapter 353H.

History:

2014 c 296 art 4 s 8; 2015 c 68 art 14 s 26; 1Sp2019 c 8 art 8 s 23; 2026 c 106 art 5 s 47; art 8 s 19