This bill establishes a new process for changing the investment return assumption used in the computation of joint and survivor annuities for covered retirement plans in Minnesota. It amends Minnesota Statutes 2024, section 356.461, subdivision 1, to allow the governing board of a covered retirement plan to propose changes to the investment return assumption. Such changes require approval from the Legislative Commission on Pensions and Retirement or will be deemed approved if no action is taken within one year of the proposal.

Additionally, the bill mandates that any approved changes to the investment return assumption be included in the appendix to the standards for actuarial work, which will be updated by the executive director of the Legislative Commission on Pensions and Retirement. The effective date for these changes is set for July 1, 2026.

Statutes affected:
Introduction: 356.461