MN HF4300

Defines "executive director," "medical facility," and "privatization" for purposes of Public Employees Retirement Association coverage of privatized medical facilities effective July 1, 2020.

Requires governmental subdivisions to submit a resolution to the executive director before privatization and reimburse the association for actuarial calculations of withdrawal liability effective July 1, 2022.

Establishes withdrawal liability calculation formula equal to present value of accrued benefits minus the product of accrued benefits and the plan's funding ratio, with privatized employers required to pay within six months or elect a ten-year payment plan with annual compounding interest.

Requires the Public Employees Retirement Association to maintain and publicly report withdrawal liability records for privatized former public employers with privatization effective dates after July 1, 2022.

Limits augmentation rates for privatized former public employees to two percent annually between June 30, 2020 and December 31, 2023, after which no additional augmentation applies; excludes privatizations occurring after June 30, 2020 from enhanced augmentation rates effective July 1, 2020.