MN HF3280

Amends Minnesota Statutes section 69.772 to modify how firefighters' relief associations calculate accrued liability for active members using a table with values ranging from $60 for year one to $2,000 for year 20, plus $100 for each additional year.

Changes accrued liability calculation for retired members receiving lump sum installment payments by discounting future payments at five percent interest compounded annually to the calculation date.

Allows municipalities to use alternative calculation dates between January 1 and August 1 instead of December 31 for determining accrued liabilities and financial requirements.

Modifies financial requirements calculations to include increases in accrued liabilities over 12-month periods and adjusts deficit amortization to one-tenth of the most recently calculated deficit amount.

Effective the day following final enactment with retroactive application to funding requirements determined during calendar year 2009.