This bill proposes a series of amendments to Minnesota Statutes concerning retirement systems, particularly focusing on the Legislative Commission on Pensions and Retirement, the statewide volunteer firefighter plan, and related public employee retirement plans. Key changes include updates to the commission's powers and duties, adjustments to membership terms, and the establishment of standards for pension valuations and cost estimates. The bill also seeks to repeal obsolete provisions and streamline reporting processes for the State Board of Investment. Additionally, it modifies funding requirements for the statewide volunteer firefighter plan, introduces new provisions for benefit levels, and clarifies the transfer process of assets and liabilities related to firefighters' benefits.

Moreover, the bill includes provisions for entities transitioning from defined benefit relief associations to defined contribution plans, requiring governing bodies to file resolutions and address funding deficits. It mandates that employers inform active and former volunteer firefighters about these changes and outlines vesting criteria based on funding availability. The bill also revises eligibility criteria for transferring to the Teachers Retirement Association and updates the allocation of supplemental state aid for fire and police retirement. Other amendments clarify retirement benefits for teachers and employees in charter schools, establish new certification requirements for the Public Employees Retirement Association, and ensure compliance with military service provisions. 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