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MN HF4018
Bill
Status
3/2/2020
Primary Sponsor
Andrew Carlson
Click for details
AI Summary
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Extends state aid to local governments for funding increased employer contributions to the Public Employees Retirement Association (PERA) beyond the original June 30, 2020 termination date
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Aid continues until the earlier of two conditions: (1) the fiscal year following the year when PERA's general employees retirement plan actuarial assets equal or exceed actuarial accrued liabilities, or (2) June 30, 2048
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Amends Minnesota Statutes 2018, section 273.1385, subdivision 4 to replace the fixed termination date with conditional language tied to the pension plan's funding status
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Becomes effective the day following final enactment
Legislative Description
Public Employee Retirement Association increased employer contribution funding provided through extending aid to local governments.
Last Action
Joint rule 2.03 waived
5/7/2020