SF1808 Summary: Omnibus Retirement Bill

• Revises statutory actuarial assumptions for pension fund valuations, including modified actuarial value of assets methodology effective July 1, 2012, and establishes new interest rate assumptions for legislators and elective state officers retirement plans

• Requires Minnesota Management and Budget to prepare biennial reports on adequacy of budgeted and forecasted retirement contributions for major statewide and local defined benefit pension plans

• Expands correctional employee coverage under MSRS-Correctional Plan by adding psychiatric advance practice registered nurses and clinical program therapist positions; modifies health care savings plan provisions for retiree health benefits

• Consolidates Fairmont Police Relief Association and Virginia Fire Department Relief Association into the Public Employees Police and Fire Retirement Plan, with specified benefit continuation and employer contribution requirements through 2020

• Makes technical amendments to Teachers Retirement Association law including aid program modifications, volunteer firefighter relief association changes, and various IRC conformity provisions for pension plans