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MN HF5292
Bill
Status
4/4/2024
Primary Sponsor
Mike Nelson
Click for details
AI Summary
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Amends Minnesota Statutes section 356.215, subdivision 11 regarding amortization contributions for retirement plans.
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Resolves conflicting statutory language about calculating the established date for full funding by reorganizing and clarifying the procedures for when actuarial assumptions, benefit plans, or cost methods change.
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Deletes obsolete provisions that previously contained redundant paragraphs (b) and (c) by consolidating them into clearer subsections (b) and (c).
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Reorganizes the list of specific retirement plans and their established funding dates (June 30, 2048 for most plans, with Teachers Retirement Association changing to June 30, 2053 beginning July 1, 2025).
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Takes effect the day following final enactment.
Legislative Description
Retirement; conflict in statute that dictates established date for full funding resolved, and obsolete provisions deleted.
Last Action
Introduction and first reading, referred to State and Local Government Finance and Policy
4/4/2024