This bill pertains to the retirement procedures for the Maple Plain fire department's participation in the statewide volunteer firefighter plan. It modifies the termination process by requiring the executive director of the Public Employees Retirement Association (PERA) to allocate any surplus of plan assets over liabilities to the firefighters in a structured two-stage allocation. The bill mandates that the assets of the Maple Plain fire department be invested in low-risk investments to minimize potential losses until the distribution of assets occurs.

Additionally, the bill outlines specific steps for terminating the fire department's participation, including the need for the governing board of the city to adopt resolutions and the executive director's responsibilities in fully vesting departing firefighters and determining their accrued benefits. The allocation of surplus assets is detailed, ensuring that firefighters under the age of 50 receive a portion based on their years of service, with provisions for adjusting allocations if the surplus is insufficient. The bill also stipulates that the remaining provisions of Minnesota Statutes, section 353G.18, will still apply, and it establishes an effective date for the new regulations.