The bill amends Minnesota Statutes 2024, section 424A.02, subdivision 3, to increase the maximum lump-sum service pension amount for firefighters' relief associations. Specifically, it raises the maximum lump-sum service pension amount from $15,000 to $20,000 for each year of service credited. This change allows defined benefit relief associations to set higher pension amounts in their bylaws, provided that these amounts are ratified by the municipality.

Additionally, the bill maintains the existing structure for determining maximum pension benefits, which includes provisions for both monthly and lump-sum service pensions. The effective date of this amendment is set for the day following its final enactment, ensuring that the new pension limits can be implemented promptly.

Statutes affected:
Introduction: 424A.02