The bill proposes a series of amendments to Minnesota's retirement plan statutes, focusing on the Legislative Commission on Pensions and Retirement, the statewide volunteer firefighter plan, and related systems. Key changes include updates to the commission's powers, such as analyzing actuarial soundness and establishing pension valuation standards, as well as modifications to commission membership terms. The bill also aims to streamline reporting requirements for the State Board of Investment and repeals obsolete provisions. In relation to the volunteer firefighter plan, it introduces new annual funding requirements, benefit determination processes, and provisions for converting from defined benefit to defined contribution plans, ensuring firefighters are vested in their benefits upon conversion.

Additionally, the bill addresses eligibility criteria for transferring to the Teachers Retirement Association, clarifies state aid allocations for fire departments, and specifies requirements for municipalities without relief associations to qualify for fire state aid. It mandates that fire departments associated with relief associations provide retirement benefits and outlines the responsibilities of the Public Employees Retirement Association in certifying participation. The bill also includes provisions for correcting state aid overpayments or underpayments and establishes new definitions and requirements for covered retirement plans, ensuring compliance with military service provisions. The effective date for these changes is set for aids payable in 2026, with some provisions taking effect immediately upon enactment.

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