MN SF4438

Authorizes volunteer firefighter relief associations to convert defined benefit retirement plans to defined contribution plans, with the board of trustees initiating and approving the conversion through formal resolutions.

Requires full vesting of all members as of the conversion effective date and mandates 90-day notice to members, municipalities, and the state auditor before conversion occurs.

Allows relief associations with surplus assets to conditionally increase retirement benefits before conversion without municipal consent, subject to asset sufficiency constraints.

Establishes three methods for allocating surplus assets: per capita distribution, service-based distribution, or a member-and-municipality sharing method with conditions on use.

Requires relief associations without surplus to obtain municipal or firefighting corporation consent and either reduce benefit levels or secure adequate contribution agreements to cover all benefit liabilities.