This bill pertains to the retirement procedures for the Maple Plain fire department's participation in the Public Employees Retirement Association's statewide volunteer firefighter plan. It introduces new legal requirements for the termination process, including the allocation of surplus assets among departing firefighters. Specifically, the executive director of the Public Employees Retirement Association is mandated to invest the department's assets in low-risk investments to minimize potential losses and to fully vest all departing firefighters in their accrued benefits upon termination. The bill outlines a two-stage allocation process for any surplus assets, ensuring that departing firefighters receive their fair share based on their years of service.

Additionally, the bill stipulates that the executive director must distribute the calculated benefits to each departing firefighter in a lump sum, with provisions for direct rollovers if chosen. It also retains certain existing provisions from Minnesota Statutes regarding the termination of participation in the statewide volunteer firefighter plan. The new regulations are set to take effect the day following the final enactment of the bill.