MN HF2598

Removes the requirement for the City of Minneapolis to make additional municipal contributions based on actuarially calculated unfunded present value figures for the merged former Minneapolis Firefighters Relief Association and Police Relief Association.

Establishes fixed annual contribution amounts from the City of Minneapolis: $3,188,735 for the former Minneapolis Firefighters Relief Association and $4,489,837 for the former Minneapolis Police Relief Association, payable each July 15 from 2019 through 2031.

Eliminates the previous contribution structure that was set as of December 30, 2011, and was subject to adjustment if actuarial interest rate assumptions changed.

Maintains that active members of the former Minneapolis relief associations pay no employee contributions, with employer contributions calculated at the standard rate under section 353.65, subdivision 3.

Effective the day following final enactment.