Bill Summary: HF2391

• Removes Minneapolis Teachers Retirement Fund Association and Minneapolis Employees Retirement Fund from reporting requirements to the state auditor by June 1 each year, keeping only St. Paul and Duluth teachers funds and University of Minnesota plans under this deadline.

• Defines "pension fund" for retirement plans governed by section 69.77 or chapter 424A to mean the relief association special fund.

• Clarifies that "pension fund assets" in investment limitation rules refers to the relief association special fund for volunteer firefighter relief associations.

• Eliminates the requirement that members separate from active service before receiving deferred service pensions if they discontinue volunteer duties and become employed full-time, effective January 1, 2013.

• Adds detailed provisions for crediting interest or additional investment performance on deferred lump-sum service pensions, including three methods of calculation and specification of interest accrual periods, effective January 1, 2013.

• Removes restrictions on paying defined benefit service pensions or disability benefits to former members employed full-time by their municipality or firefighting corporation.