MN HF5039

Establishes a defined contribution plan alongside the existing defined benefit plan in the statewide volunteer firefighter retirement plan, providing members with individual accounts credited with state aid, contributions, forfeitures, and investment earnings.

Reduces the frequency of funding requirement determinations for fire department accounts in the lump-sum division from annually to biennially, with the executive director determining requirements every other year by August 1.

Allows volunteer firefighters to request service credit for vesting purposes for prior service with other Minnesota fire departments not covered by the plan, subject to documentation requirements and fire chief certification.

Changes terminology throughout chapter 353G by replacing "Public Employees Retirement Association" with "association," "independent nonprofit firefighting corporation" with "firefighting corporation," and "monthly benefit division" with "monthly division."

Implements January 1, 2025 effective date for most provisions, with certain provisions effective July 1, 2024 (service credit changes) and January 1, 2026 (conversion prohibitions on benefit reduction).