MN SF2924

Authorizes the division of the Centennial Volunteer Firefighters Relief Association if Lino Lakes withdraws from the joint powers agreement and establishes its own city fire department and relief association.

Requires the Centennial relief association to transfer a proportional share of accrued liabilities, service credit, and assets to the new Lino Lakes Volunteer Firefighters Relief Association based on a calculated percentage of transferring firefighters' liability.

Specifies that special fund assets transfer at market value with legal title held by the Lino Lakes relief association, while general fund assets are allocated as determined by the Centennial relief association.

Allows firefighters transferring to the Lino Lakes Fire Department to retain all previously earned service credit and vesting with the Centennial relief association and continue service credit accrual with the new relief association.

Requires the State Auditor to audit the asset transfer, with costs split between the two relief associations proportional to their post-transfer assets; becomes effective upon local approval by Centerville, Circle Pines, and Lino Lakes.