04.08.2024 Agenda

Pension Commission Meeting Agenda for April 8, 2024

Agenda
1.	Approval of April 2, 2024 meeting minutes. Adopted
2.	Chair’s discussion of the budget target for pensions
3.	2024 Omnibus Pension and Retirement Bill, in the form of delete-everything amendment H5040-DE1 to HF 5040 (Her); SF 4643 (Frentz) Amended, passed Delete-Everything Amendment H5040-DE1 Amended, passed Staff summary of delete-everything amendment H5040-DE1 The DE contains the language of the following bills (items may be added or removed): Teacher Pensions HF 4933 (Nadeau); SF 4968 (Pappas): Extending the earnings limitation suspension for FY25-27 for retired teachers who return to work HF 5040 (Her); SF 4643 (Frentz), as amended: IRAP to TRA Work Group Bill Volunteer Firefighters HF 3636 (Cha); SF 3574 (Pappas): State Auditor’s 2024 Volunteer Firefighter Working Group Bill HF 5039 (Cha); SF 5062 (Rasmusson): Adding a defined contribution plan for the PERA Statewide Volunteer Firefighter Plan Public Employees Retirement Association (PERA) HF 4297 (Berg); SF 4604 (Nelson): PERA Police and Fire Plan; Clarifying firefighter eligibility HF 4899 (O’Driscoll); SF 5073 (Westlin), as amended: Defined Contribution Plan federal compliance HF 4429 (Nelson, M.); SF 4751 (Seeberger): PERA General and Correctional workers’ compensation offset elimination HF 4081 (Stephenson); SF 4092 (Gustafson): PERA Correctional; Benefit multiplier increase from 1.9% to 2.2% for prospective service; employer and employee contribution increase Minnesota State Retirement System (MSRS) HF 3956 (Berg): MSRS Administrative Bill SF 5197 (Pappas): Authorization to employees on a H-1B, H-1B1, or E3 visa to purchase service credit for a prior period of employment when excluded from MSRS General HF 4553 (Tabke), 1st Engrossment; SF4645 (Hauschild): State Patrol Plan; Codifying the right to return to employment and continue receiving an annuity HF 3930 (Frederick); SF 3761 (Frentz): MSRS Correctional; Adding music therapist to the positions eligible for coverage, permitting the purchase of past service credit HF 4539 (Frederick); SF 4424 (Pappas), as amended: MSRS Correctional; Adding baker, cook, culinary supervisor, and food service supervisors to the positions eligible for coverage, permitting the purchase of past service credit Minnesota Secure Choice Retirement Program HF 4248 (Moller); SF 4765 (Pappas), as amended: Permitting home and community-based services employees to participate in the program HF 4270 (Becker-Finn); SF 4319 (Pappas): Modifying requirements applicable to the board of directors; authorizing the appointment of an interim executive director; making technical corrections Supplemental Plans HF 4656 (Pursell); SF 4759 (Westlin): Allowing employer matching contributions on an employee's qualified student loan payments under Secure 2.0; modifying other provisions for supplemental deferred compensation plans Applicable to All Plans HF 5292 (Nelson, M.); SF 5227 (Rasmusson): Resolving a conflict in the statute setting the plans’ established date for full funding, establishing an Amortization Work Group Revisor #24-08106: Changing full funding threshold lookback from one year to three years in the expiration provision for state aids Appropriations Testifiers on provisions not previously heard: Devin Bruce, Director of Legislative and Political Affairs, MAPE (corrections workgroup) Bridget Peterson, Library/Media Specialist, Esko Public Schools (NRA 65 acceleration for TRA) Doyle Turner, Special Education Teacher, Bemidji Area Schools (NRA 65 acceleration for TRA) Amendment H5040-1A: LCPR staff changes, other changes and corrections (includes executive director qualifications and compensation, Internal Revenue Code compliance, additional provisions) Amended, passed Staff summary of H5040-1A Amendment H5040-2A: Provisions requested by PERA restructuring survivor benefits Passed Amendment H5040-3A: Containing the language of HF3808 (Nadeau); SF 4348 (Pratt), as amended Not passed Offered during the meeting: Amendment H5040-4A: TRA amortization date; back to 2048 Passed Final action on the 2024 Omnibus Pension and Retirement Bill Motion: Authorizing staff to make any necessary technical corrections Passed Adoption of HF 5040 (Her); SF 4643 (Frentz), as amended, as the 2024 Omnibus Pension and Retirement Bill Passed as amended
Additional Meeting Documents: TRA cost estimate from Cavanaugh Macdonald Representative O'Driscoll Handout on Local Government Data

AMENDMENTS Amendments are due to Pension Commission staff by 5:00 PM on Friday, April 5.

TESTIFYING:
**Because public testimony was taken when the bills were first heard, no additional testimony will be taken.
To testify or submit written testimony on an item that has not previously been heard, please contact the Commission staff at (lisa.diesslin@lcpr.mn.gov) by 5:00 PM on Friday, April 5, identifying the specific item on which you would like to testify. Testimony is limited to the items listed on the agenda. The number of testifiers and length of time permitted is at the discretion of the chair and is subject to change.

PUBLIC VIEWING INFORMATION: This meeting will be streamed live by the House (webcast schedule).

ACCESSIBILITY/ACCOMMODATION: To comment on digital accessibility to meeting information, please submit comments using the Accessibility Comment Form. To request an accommodation, please visit FAQs for Disability Access or contact the LCC Accessibility Coordinator at accessibility.coordinator@lcc.mn.gov.

MEETING DOCUMENTS are also posted on the legislative calendar as soon as they are available.

Meeting Details

Monday, April 8, 2024
8:30 AM
120 State Capitol
Chair: Rep. Kaohly Vang Her

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