MN SF2812

Amends Minnesota Statutes section 69.772 to allow firefighters' relief associations to use an alternative calculation date between January 1 and August 1, instead of only December 31, for determining accrued liability and financial requirements.

Modifies accrued liability calculations for active members receiving service pensions using a defined table ranging from $60 in year 1 to $2,000 in year 20, plus $100 additional per year thereafter.

Updates accrued liability calculations for retired members receiving lump sum service pensions in installment payments, discounted at 5 percent annual interest from payment date to the calculation date.

Changes amortization requirement language in subdivision 3(c)(5) to reference "most recently calculated amount of the deficit" instead of limiting amortization to deficits resulting only from pension increases or investment losses in the past 10 years.

Effective immediately upon enactment with retroactive application to funding requirements determined during calendar year 2009.