Upcoming Commission meetings
No meetings scheduled. The final meeting of the Session was May 17, 2025 (Agenda, materials, and action).
For meetings earlier this year, go to 2025 meetings.
Status of the 2025 Omnibus Pension and Retirement Bill
The bill was signed into law by the Governor on Friday, May 23, 2025, as Laws 2025, Chapter 37. For the effective date of a specific provision, see the final engrossment of the bill, SF 2884, the 2nd engrossment.
● The bill was passed by the Senate on Sunday, May 18, 2025, and by the House on Monday, May 19, 2025
● See the 2025 Omnibus Pension and Retirement Bill page for more step-by-step information on the omnibus bill and links to amendments and summaries of the bill and amendments (where available)
LCPR News
LCPR Staff Memo: Supplemental Employer Contributions and Direct State Aid Payments to Public Pension Plans
Minnesota law provides for several types of supplemental employer contributions and state aid. The LCPR memo on Supplemental Employer Contributions and
Direct State Aid Payments to Public Pension Plans describes each of these contributions or state aids, the plan to which the payment is made, when the aid expires, and the statute that requires the payment.
New Mandatory Reporting Requirements
Recently enacted Minnesota statutes and session laws require certain entities to provide reports to the
Legislative Commission on Pensions and Retirement on an annual basis. Specifically, in 2025, the
Commission received reports for the first time on the Statewide Volunteer Firefighter Plan incentive program, the correction of operational errors by the public pension systems, and the employees who elected a transfer from the Minnesota State Individual
Retirement Account Plan to the Teachers Retirement Association. All reports are available on the LCPR website on the page titled Mandatory Reporting to the LCPR.
LCPR Work Groups for 2024 Interim
During the 2024 interim, LCPR staff convened the meetings of two work groups, each of which was required to recommend legislation to address a pension policy issue that the Commission discussed during the 2024 legislative session:
- 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. Meetings of this work group were held on July 29, August 21, September 17, October 2, and October 24, 2024. Agendas and materials for work group meetings can be found at www.lcpr.mn.gov/WorkGroups/MSRSCorrectionalWG.htm.
- The Work Group on MSRS Correctional Plan Eligibility submitted its recommendations to the Commission on March 20, 2025, and the recommendations and proposed legislation are available on the meeting page.
- 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." Meetings of this work group were held on July 30, September 4, and October 3, 2024, and January 9, 2025. Agendas and materials for work group meetings can be found at www.lcpr.mn.gov/WorkGroups/AmortizationWG.htm.
● Updates on the Secure Choice Retirement Program
The Secure Choice Retirement Program is seeking an Executive Director.
The Executive Director serves as the Chief Executive Officer of the Minnesota Secure Choice Retirement Program, providing leadership and vision as directed by the Secure Choice Board of Directors. This position is responsible for developing, launching, and managing this new state-sponsored retirement savings program designed to provide access to retirement savings for workers without employer-sponsored plans. The Executive Director will establish the program infrastructure, manage operations, and build strategic partnerships to ensure successful implementation of this important retirement security initiative. The position is located in St. Paul, Minnesota with a $5 million appropriated budget to establish program operations.
To see the Position Description, please view the link "Position Description." To learn more about the Responsibilities and Preferred Qualifications, please view the link "Position Specifications." To apply, please send your resume to Tamara at tamara.wesely@cbiz.com.
● The Secure Choice Retirement Program has a website.
You can find it here: https://mn.gov/scrb. For information on the Secure Choice Retirement program occurring before the Secure Choice dedicated website was fully functional, see the linked Secure Choice webpage on this LCPR site.
● 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
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.
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
2025 NASRA Fast Facts & Helpful Resources on State and Local Government Retirement Systems
NASRA recently released an updated infographic detailing the significant economic footprint of of public retirement systems across the United States for 2025. See the 2025 infographic...
2023-24 Wisconsin Comparitive Study of Major Public Employee Retirement Systems
The study compares significant features and retirement benefits of 87 major state and local public retirement systems for general employees and teachers in the United States. The Wisconsin Legislative Council has prepared similar studies nearly every two years since 1982. Read the 2023-24 report...
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...
"..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...
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