MN SF5227

Amends Minnesota Statutes section 356.215, subdivision 11, regarding amortization contributions for retirement plans to resolve conflicting provisions about established dates for full funding.

Deletes obsolete language and reorganizes subsections (b) through (j) into subsections (b) through (d) to clarify the procedure for determining established dates for full funding when actuarial assumptions, benefit plans, or cost methods change.

Maintains specific full funding dates for major retirement plans including June 30, 2048 for most plans, with the Teachers Retirement Association date extending to June 30, 2053 beginning July 1, 2025.

Requires amortization contributions for unfunded liabilities to be calculated using a 30-year period from the end of the plan year when changes become effective, with the new full funding date added to the valuation date.

Takes effect the day following final enactment.