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MN HF3778
Bill
Status
2/26/2020
Primary Sponsor
Mike Nelson
Click for details
AI Summary
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Reduces notification period for service credit from 60 days to at least 21 days before certification to relief association, effective January 1, 2021
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Requires defined contribution relief associations to credit investment earnings on deferred member accounts on or after January 1, 2021, with three methods available including actual investment performance or proportional share of special fund returns
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Changes accrued liability calculation methodology for lump-sum relief associations beginning in 2022, requiring use of Legislative Commission on Pensions and Retirement standards instead of the existing liability table
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Clarifies that "regular lump-sum distribution" for supplemental benefit purposes excludes interest credited during deferral period, and allows multiple supplemental benefits for recipients receiving multiple distributions
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Makes technical and clarifying amendments to volunteer firefighter relief association provisions regarding financial reporting, individual accounts, deferred service pensions, and benefit uniformity requirements
Legislative Description
Volunteer firefighters relief association; state auditor's volunteer firefighter working group recommendations implemented, time period for certifying service credit revised, crediting investment earnings on defined contribution accounts required, calculating benefit liability methodology changed, and other clarifying changes made.
Last Action
Introduction and first reading, referred to Government Operations
2/26/2020