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Minnesota State Seal Legislative Commission on Pensions and Retirement


LCPR News and Developments

new Update on the Secure Choice Retirement Program

NOTE TO EMPLOYERS: It is anticipated that the Program will not open for enrollment until first quarter 2026.

Please disregard information being provided by payroll and financial services vendors suggesting that employers have to take action by January 1, 2025 - this is NOT accurate information.

This page and the linked webpage on this LCPR site are the only "official" information on the Program at this time. We will let you know when there is a website dedicated to the Program.

The Secure Choice Board of Directors met on Friday, October 4, 2024. Information considered by the Board at the meeting included a proposed timeline for implementation. More information regarding the Minnesota Secure Choice Retirement Program can be found at the Secure Choice webpage accessible under "Quick Links" on the right side of this page.

LCPR Work Groups for 2024 Interim

During the last week of July, LCPR staff convened the first meetings of two work groups, each of which is required to meet during the interim and recommend legislation to address a pension policy issue that the Commission discussed during the 2024 legislative session:

  1. The Work Group on MSRS Correctional Plan Eligibility, required by Laws 2024, Ch. 102, Art. 5, Sec. 14, must recommend legislation to correct deficiencies in the process for adding positions for coverage by the MSRS Correctional Plan. The first meeting of this work group was held on Monday, July 29, and the second meeting was held on Wednesday, August 21. Agendas and materials for these meetings and future work group meetings can be found here, when available. The next meeting of the MSRS Correctional Plan Eligibility work group is Thursday, October 24, at 10:00 a.m. (Location & Agenda TBA)
     
  2. The Work Group on Amortization, required by Laws 2024, Ch. 102, Art. 8, Sec. 13, must recommend legislation to update statutes dictating amortization periods to "conform to actuarial best practices for amortizing liabilities." The first two meetings of this work group were held on July 30 and September 4. Agendas and materials for previous and future work group meetings, when available, can be found here. The next meeting of the Amortization work group is Friday, November 8, at 10:00 a.m. (Agenda TBA)

Members of the public may attend these meetings, which will be held in person in the Centennial Office Building and via Teams. Please contact Lisa Diesslin (lisa.diesslin@lcpr.mn.gov) at least 24 hours in advance of a meeting, if you’d like to attend, and note whether you will be attending in-person or via Teams. The work groups do not take testimony and time for public comment will be limited and only if time permits.

Governor signs 2024 Pension and Retirement Policy and Supplemental Budget Bill

The Governor signed the 2024 Pension and Retirement Policy and Supplemental Budget Bill (HF5040-Her/Frentz, 4th Engrossment) on May 15, 2024, as Laws 2024, Chapter 102. Find the history of action on the bill and summaries of the various versions of the bill on the Annual Pension & Retirement Bill page.

See previous LCPR News articles

Minnesota News

new Jill Schurtz, CIO and Executive Director of the MN State Board of Investment, is featured in a two-part interview published in Pensions & Investments on September 4, and September 5, 2024.

In the first installment of Pensions & Investments’ latest Face to Face interview, Schurtz discusses new initiatives, particularly the board’s recent adoption of a climate roadmap aimed at capturing returns from the energy transition, investing in private markets and how she’s structured the team.

In this second installment of a Face to Face interview with Schurtz, executive director and CIO of the $146 billion Minnesota State Board of Investment, she talks about lessons learned, her career, the importance of hiring and developing a team, and the need for diverse perspectives.

new Chris Farrell on the advantages of auto-IRA programs, including Minnesota’s Secure Choice program (Star Tribune)

"Minnesota’s saving program should become available next year for those workers without an employer retirement plan." Read more...

State Board of Investment reports 12.3% investment return for the Combined Funds for fiscal year 2024

"Minnesota State Board of Investment, St. Paul, on Aug. 14 reported $93.7 billion in defined benefit assets as of June 30, the close of SBI’s fiscal year, buoyed by a net investment gain of 12.3%."
"The board’s latest return topped its composite benchmark by almost 50 basis points, according to a performance report on the SBI website."
Read more...

Revenue explains new subtraction for public pension income (MN DOR)

The Minnesota Department of Revenue published a document on Public Pension Subtraction, last updated March 21, 2024. Information is available on the pension plans that qualify, income limitations for the subtraction, determining benefits for the subtraction, and determining eligibility for benefits if you are receiving Social Security benefits. Read more...

See previous Minnesota News articles

National News and Recent Publications

NASRA Report: Recent Changes to COLAs

Rising prices have been a concern for many retirees in recent years as inflation reached its highest levels in decades (see CPI-U data below). Cost-of-living adjustments (COLAs) are intended to protect retirement benefits from a loss of purchasing power due to inflation. What changes have states made to COLAs provided by public pension plans during this period of high inflation? See the recent NASRA issue brief on COLAs, published in May 2024, for more information.

Research on Public Pension Retirement Security and Teachers’ Benefits (PEW)

Presentation by The Pew Charitable Trusts on practices of successful pension systems, retirement security metrics, and a comparison of Minnesota TRA pensions to teacher pensions in other states. Read more...

See previous National News articles

Secure Choice News and Publications

State auto-IRA programs gain steam as interstate pact, public support grow. (Pensions & Investments, 5/17/2024)

"More than 3 in 4 Americans (77%) agree that state-facilitated retirement savings programs are a good idea...In addition, the overwhelming majority of Americans (82%) also say they would participate in state-facilitated programs, up from 75% in 2020..." Read more...

Americans’ Views of State-Facilitated Retirement Programs (NIRS, May 2024)

"..states are taking action to address the retirement challenges facing Americans by providing increased access to retirement plans. Since 2012, every state except Alabama has either enacted or introduced legislation that would establish state-facilitated retirement savings programs. These state-facilitated retirement programs offer a backstop for those working in jobs where employers do not offer retirement plans like a pension plan or 401(k) account." Read more...