Loading chat...
MN HF2373
Bill
Status
3/11/2019
Primary Sponsor
Mary Murphy
Click for details
AI Summary
-
Increases the asset/liability threshold for volunteer firefighter relief associations requiring audited financial statements from $500,000 to $50,000,000.
-
Adds a definition of "break in service" as temporarily ceasing all fire suppression duties, fire prevention duties, supervision of fire suppression duties, and supervision of fire prevention duties with a particular fire department.
-
Revises vesting schedules for both defined contribution and defined benefit relief associations to allow full vesting at 10 years of service instead of the previous graduated schedule extending to 20 years.
-
Clarifies that deferred pension interest must be "credited" (rather than "paid") and specifies three methods for calculating interest based on how the deferred benefit is invested.
-
Expands individuals eligible to receive supplemental death benefits to include designated beneficiaries and, for lump-sum plans, trusts created for surviving children, in addition to surviving spouses and children.
Legislative Description
Volunteer firefighter relief associations; audit requirements clarified, investment reporting requirement threshold increased, break in service definition added and conforming changes made, vesting requirements revised, service pension amount clarified, deferred pension interest crediting clarified, and individuals eligible to receive death benefits expanded.
Last Action
Introduction and first reading, referred to Government Operations
3/11/2019