MN HF2310

Establishes procedures for entities (municipalities, nonprofit firefighting corporations, or joint powers entities) to terminate participation in the statewide volunteer firefighter retirement plan and distribute all plan assets to departing firefighters.

Requires entities to eliminate their fire department or cease using departing firefighters' services, and maintain account assets sufficient to cover all liabilities plus administrative expenses before termination is permitted.

Mandates the executive director fully vest all departing firefighters at 100 percent as of the termination date and increase benefit levels if account assets exceed accrued liabilities, ensuring no assets remain after distributions.

Allows departing firefighters to receive lump sum distributions as direct payments or direct rollovers to other retirement accounts, regardless of age 50 requirement, with distributions to survivors if the firefighter is deceased.

Requires entities' governing boards to adopt resolutions stating intent to terminate and proposing a termination date that is the last day of a month and at least 90 days after resolution delivery (or September 30, 2019 for entities that previously approved termination); repeals the prior individual retirement account transfer provision.