The bill proposes the repeal of the annual reporting requirement for investment business recipient disclosures related to firefighter relief associations in Minnesota. Specifically, it seeks to eliminate Minnesota Statutes 2024, section 356A.06, subdivision 5, which mandates that the chief administrative officer of a covered pension plan and the executive director of the State Board of Investment disclose the recipients of investment business and commissions allocated among various financial institutions. This disclosure must be prepared within 60 days after the fiscal year ends and made available for public inspection, as well as filed with the Legislative Commission on Pensions and Retirement within 90 days.

By repealing this requirement, the bill aims to reduce the administrative burden on pension plans and streamline their reporting processes. The removal of this obligation reflects a legislative intent to simplify the regulatory framework governing firefighter relief associations and potentially enhance their operational efficiency.

Statutes affected:
Introduction: 356A.06