This bill proposes a series of technical changes and clarifications to Minnesota Statutes concerning retirement systems, particularly focusing on the Legislative Commission on Pensions and Retirement and the statewide volunteer firefighter plan. Key amendments include updates to the commission's powers, such as revising standards for pension valuations and cost estimates, and clarifying membership terms and appointment processes. The bill also seeks to repeal obsolete provisions and streamline operations for the State Board of Investment. Additionally, it introduces new funding requirements for fire department accounts, establishes guidelines for converting defined benefit plans to defined contribution plans, and ensures firefighters are vested in their benefits as of the conversion date.

Further modifications address eligibility criteria for transferring retirement plans, the allocation of supplemental state aid for fire and police retirement, and the responsibilities of the Public Employees Retirement Association (PERA) in certifying fire departments' participation in retirement plans. The bill mandates that fire departments associated with relief associations provide retirement benefits and clarifies that municipalities without such associations can still qualify for state aid. It also includes provisions for correcting state aid overpayments or underpayments and outlines the responsibilities of the State Board of Investment regarding reporting and investment functions. The effective date for these changes is set for the day following final enactment, with some provisions retroactively effective from January 1, 2025.

Statutes affected:
Introduction: 3.85, 353G.08, 353G.11, 353G.17, 353G.19, 354B.215, 423A.022, 424A.014, 424A.08, 477B.02, 477B.03, 477B.04, 11A.07, 11A.27, 353D.01, 353D.02, 124E.12, 181.101, 356.633, 424B.22, 356.635