▶ Notice! LCPR staff are currently working remotely. Please contact them via email using the addresses available at: www.lcpr.leg.mn/staff.html. **ALL MEETINGS CANCELLED UNTIL FURTHER NOTICE**.
LCPR News and Developments
2021-2022 Pension Commission Members.
We have Senate Members! We are awaiting the appointment of House members for the 2021-2022 Legislative Session. Because the Commission chair alternates between the House and Senate each biennium, the chair will be a Senator for the next two years.
COLA Study to be Completed for the 2021 Legislative Session.
COLA Study Report. The report will be presented to the Commission at an upcoming meeting (we are awaiting the appointment of House members) for review and adoption of the report.
Commission staff is continuing to work during the interim between legislative sessions to produce a report on cost-of-living adjustments (COLAs), called "postretirement adjustments" in the statutes, for the statewide pension plans and St. Paul Teachers. The Commission is required to conduct a study of COLAs and report on its conclusions during the 2021 legislative session (see Laws 2018, Ch. 211, Art. 5, Sec. 14). For more information about COLAs in public pension plans, see the recently published Issue Brief on COLAs from the National Association of State Retirement Administrators (NASRA).
2020 Actuarial Valuations.
The annual actuarial valuation reports for the MSRS and PERA plans, TRA, and St. Paul Teachers are now available and are posted on the Actuarial Valuations page under the Actuarial & Financial Reporting drop-down menu above.
This informal work group met for the first time on Thursday, June 18, to begin discussions on the topic of diverting a portion of the fire state aid that would otherwise fund retirement benefits for volunteer firefighters in the PERA SVF Plan to affiliated municipalities, where the fire department employs both career and volunteer firefighters. Click here for the agenda and materials from that meeting.
At its meeting on December 18, 2019, the Commission voted unanimously to approve Van Iwaarden Associates as the Commission's new actuary, effective as soon as a services agreement can be finalized and signed. Read more...
The Minnesota State Board of Investment adopted a resolution at its meeting on May 29 to divest from coal companies that derive 25% or more of their revenues from the extraction or production of thermal coal. News stories on this development, one national, one local:
New Website for Nationwide Public Pension Plan Data
The Center for Retirement Research (CRR) at Boston College has just made available a newly updated "Public Plans Data" website. The website is a collaboration of the CRR, the Center for State and Local Government Excellence, and the National Association of State Retirement Administrators (NASRA).
This is a treasure trove of data on public pension plans and makes it easy to compare our public pension plans in Minnesota to other states' plans. Probably because some of the data dates back to 2014, the data for Minnesota still reports the Duluth Teachers Retirement Fund Association and the Minneapolis Employees Retirement Fund as if they are still separate plans, which they are not. Have a look: publicpensionplansdata.org