This bill amends Minnesota Statutes 2024, specifically section 424B.22, to modify the process for firefighter relief associations to terminate their retirement plans. Key changes include the requirement for the board of trustees to determine the fair market value of assets, liabilities, and administrative expenses upon termination, as well as to provide detailed information about participants and benefit recipients. The language has been updated to replace "shall" with "must" in several instances, emphasizing the mandatory nature of these determinations and actions. Additionally, the bill clarifies the allocation of surplus funds, stipulating that if a retirement plan's assets exceed liabilities, the surplus must be allocated between the municipality and the relief association.

Further amendments include the requirement for the board of trustees to pay retirement benefits and administrative expenses within 210 days of termination and to offer participants options for their benefits, including annuities or lump-sum distributions. The bill also addresses the handling of missing or nonresponsive participants, mandating that the board of trustees take specific actions to locate them and dispose of their retirement benefits if necessary. The effective date for these changes is set for the day following final enactment.

Statutes affected:
Introduction: 424B.22