MN HF3703

Amends Minnesota Statutes section 424B.22 to modify procedures for firefighter relief associations terminating their retirement plans, including requirements for determining assets, liabilities, and administrative expenses as of the termination date

Requires boards of trustees to liquidate special fund assets and pay retirement benefits within 210 days after the retirement plan termination effective date

Establishes surplus allocation rules when defined benefit plan assets exceed liabilities: municipality receives the lesser of the surplus amount or required contributions made in the current year plus preceding nine years; remaining surplus split 50/50 if no agreement reached within 180 days

Clarifies procedures for handling missing or nonresponsive participants, allowing trustees to transfer benefits to individual retirement accounts or deposit funds with the commissioner of commerce as abandoned property

Effective the day following final enactment