MN SF3462

Requires boards of the Minnesota State Retirement System, Public Employees Retirement System, Teachers Retirement Association, and St. Paul Teachers Retirement Fund Association to adopt a uniform method for conducting and reporting annual stress test analyses following nationally recognized actuarial standards.

Stress tests must include 30-year projections of assets, liabilities, pension debt, service costs, contributions, benefit payments, payroll, and funded ratio under current actuarial assumptions.

Requires stress test projections assuming investment returns two percentage points below baseline and projections modeling a 20 percent one-year investment loss followed by 20 years of returns two percentage points below baseline.

Mandates delivery of stress test analyses to the Legislative Commission on Pensions and Retirement by March 1 each year, with results posted on the Commission's website alongside other actuarial valuation reports.

Effective July 1, 2018.