MN SF3897

Amends Minnesota Statutes section 424B.22 governing the termination process for firefighter relief association retirement plans, changing "shall" to "must" throughout to strengthen mandatory requirements

Clarifies surplus allocation procedures when a defined benefit plan terminates with assets exceeding liabilities, requiring transfer to the municipality of the lesser of the surplus amount or municipal contributions from the current year plus preceding nine years

Requires the board of trustees to liquidate special fund assets and distribute retirement benefits within 210 days after plan termination, offering participants immediate distribution or direct rollover options regardless of age

Establishes procedures for handling missing or nonresponsive participants, requiring diligent search efforts including certified mail, employer checks, and internet searches before transferring benefits to an IRA or depositing with the commissioner of commerce as abandoned property

Effective the day following final enactment