MN HF3249

Replaces the existing fixed "established date for full funding" of June 30, 2048, for all major Minnesota public pension plans with a layered amortization approach that assigns specific amortization periods to different types of unfunded liability changes (experience gains/losses: 15 years; assumption changes: 20 years; benefit changes: 15 years)

Requires pension plans' unfunded actuarial accrued liability as of July 1, 2024, to be amortized over a period ending June 30, 2048, establishing this as the baseline before the new layered approach applies to future changes

Adds a statutory definition for "standards for actuarial work" referencing standards adopted under section 3.85, subdivision 10, and removes the outdated definition of "pension benefit obligation"

Removes references throughout the statute to standards being "adopted by the Legislative Commission on Pensions and Retirement" in favor of the new defined term, streamlining language while maintaining the same substantive requirement

Effective dates vary: definition and conforming changes take effect the day following final enactment, while the new amortization methodology applies beginning with July 1, 2025, actuarial valuations