MN HF1103

Legislative Commission on Pensions and Retirement shall conduct annual stress tests and risk assessments of pension plans administered by Minnesota State Retirement System, Public Employees Retirement Association (with assets exceeding $1 billion), Teachers Retirement Association, and St. Paul Teachers Retirement Fund Association.

Assessment shall be performed by a consultant following generally accepted actuarial standards and include projections of market returns above/below baseline, 30-year projections of assets/liabilities/contributions/benefit payments, and analysis methods such as scenario tests, sensitivity tests, and stochastic modeling.

Consultant must deliver completed assessment report to the Legislative Commission on Pensions and Retirement executive director no later than March 1 each year.

Legislative Commission on Pensions and Retirement shall post the assessment reports on its website for public access.

General fund appropriations are authorized for fiscal years 2020 and 2021 to the Legislative Coordinating Commission for conducting the assessments, with specific dollar amounts to be determined.