H.F. 4107 Summary

• Adds definitions to Minnesota law for defined benefit plans, defined contribution plans, relief associations, members, and other benefit recipients related to volunteer firefighter retirement systems.

• Establishes procedures for voluntary and involuntary termination of retirement plans administered by volunteer firefighter relief associations, with automatic full vesting of all members' benefits upon plan termination.

• Allows relief association boards to increase lump-sum or monthly pension benefits up to 125 percent of the statutory maximum when terminating a defined benefit plan, provided plan assets remain sufficient to cover all liabilities.

• Requires distribution of all retirement benefits to members and beneficiaries within 210 days of plan termination, with provisions for purchasing annuities for monthly pension plans and allowing rollovers for lump-sum benefits.

• Provides procedures for allocating plan surplus between the affiliated municipality and relief association, with surplus allocation among members based on their accrued benefit proportions, and repeals prior dissolution provisions.