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Legislative Commission on Pensions and Retirement
Pension Commission 2017-2018 Meetings

Pension Commission 2017-2018 Meetings

2017 Meetings:    Jan. 31 Feb. 7 Feb. 14 Feb. 21 Feb. 28 Mar. 7 Mar. 14 Mar. 21 Apr. 18 Apr. 25 May 8 May 10 Sep. 20
2018 Meetings:    Jan. 12 Jan. 24 Feb. 6 Feb. 21 Feb. 19 Feb. 27 Mar. 6 Mar. 13 May 8

 
 

2017 Meetings

Date/Time Location Agenda/Meeting Materials Multimedia/Minutes
January 31, 2017
5:30 pm		 Room G-3
State Capitol		  Agenda, Materials & Action
  • Election of 2017-2018 Commission officers.
  • Update on Minnesota public pension plan asset investment performance.
  • Update on the Governor's Blue Ribbon Panel on Pension Reform and the Blue Ribbon Panel Report.
  • Pensions 101: Overview of the Pension Commission and public pensions; Commission staff and Deloitte Consulting.
 Audio
Minutes: (PDF / HTML)
February 7, 2017
5:30 pm		 Room G-15
State Capitol		 Agenda, Materials & Action
  • Overview of the Governor's budget as it relates to Minnesota public pension plans; Myron Frans, MMB Commissioner.
  • S.F. xxxx; H.F. xxxx: MSRS financial solvency measures.
  • S.F. xxxx; H.F. xxxx: PERA financial solvency measures.
  • S.F. xxxx; H.F. 722 (Murphy, M.): TRA financial solvency measures.
  • S.F. xxxx; H.F. xxxx: SPTRFA financial solvency measures.
  • Statewide General Employee Pension Plans, Benefit Analysis and Possible Cost Savings Changes.
 Audio
Minutes: (PDF / HTML)
February 14, 2017
5:30 pm		 Room G-15
State Capitol		 Agenda, Materials & Action
  • Public testimony on S.F. xxxx; H.F. xxxx: SPTRFA financial solvency measures.
  • Public testimony on S.F. 930 (Rosen); H.F. 722 (Murphy, M.): TRA financial solvency measures.
  • Motion LCPR17-M1: Approval of actuarial assumptions for MSRS-General, MSRS-Correctional, State Patrol Plan, Legislators Plan, PERA General, PERA-Correctional, PERA-P&F, SPTRFA, and TRA.
  • Review of actuarial assumption changes resulting from the Combined Service Annuity study.
  • S.F. 545 (Rosen); H.F. 565 (O-Driscoll): Revised and updated 2016 Omnibus Retirement Bill.
 Audio
Minutes: (PDF / HTML)
February 21, 2017
5:30 pm		 Room G-15
State Capitol		 Agenda, Materials & Action
  • Public testimony on S.F. 1064 (Rosen); H.F. 1288 (O'Driscoll): MSRS funding proposal.
  • Public testimony on S.F. 1066 (Rosen); H.F. 1090 (O'Driscoll): PERA/PERA-P&F funding proposal.
  • S.F. xxxx; H.F. 1460 (O'Driscoll): MSRS administrative bill.
  • S.F. xxxx; H.F. 1471 (O'Driscoll): PERA administrative bill.
  • S.F. 746 (Rosen); H.F. 721 (Murphy, M.): TRA administrative bill.
 Audio
Minutes: (PDF / HTML)
February 28, 2017
5:30 pm		 Room G-15
State Capitol		 Agenda, Materials & Action
  • Discussion of the benefits and features of MSRS-General, PERA-General, and TRA - Staff presentation on possible benefit changes and cost savings.
 Audio
Minutes: (PDF / HTML)
March 7, 2017
5:30 pm		 Room G-15
State Capitol		 Agenda, Materials & Action
  • Presentation on Public Employees Retirement Association privatizations.
  • S.F. 1705 (Rosen); H.F. 2126 (O'Driscoll): MSRS; Revising augmentation rates for certain terminated privatized employees (Fairview).
  • S.F. 436 (Pappas); H.F. 977 (O'Driscoll): MSRS-Correctional; Including additional Department of Corrections employees in plan coverage.
  • S.F. 522 (Frentz); H.F. 637 (Johnson, C.): MSRS-Correctional; Including additional Department of Human Services employees in plan coverage.
 Audio
Minutes
March 14, 2017
5:30 pm		 Room G-15
State Capitol		 Agenda, Materials & Action
  • S.F. 26 (Sparks); H.F. 11 (Poppe): Austin Fire Relief Association/PERA-P&F; Permitting an alternative allocation of fire state aid for the city of Austin.
  • S.F. 1945 (Lourey); H.F. 2092 (Rarick): PERA-SVFRP; Permitting the city of Brook Park to lower the service pension level under the statewide plan.
  • S.F. xxxx; H.F. xxxx: VFRAs; Requiring municipal ratification of benefit increases by volunteer firefighter relief associations if the municipality makes contributions.
  • S.F. 1384 (Rosen); H.F. 1672 (Murphy): Volunteer firefighter relief associations (VFRAs); Implementing the recommendations of the Volunteer Fire Relief Association Working Group.
 Audio
Minutes: (PDF / HTML)
March 21, 2017
5:30 pm		 Room G-15
State Capitol		 Agenda, Materials & Action
  • S.F. 1864 (Simonson); H.F. 2390 (Murphy, M.): Modifying provisions for purchasing salary or service credit for periods of workers' compensation.
  • S.F. xxxx; H.F. 2236 (Thissen): Local police & fire plans; Adjusting benefits for former members and surviving spouses of former members of a local salaried police and fire relief association.
  • S.F. 1839 (Miller); H.F. xxxx: Authorizing a Winona State University employee to elect prospective and retroactive TRA coverage.
  • "Keeping the Promise: Securing Retirement Benefits for Current and Future Public Employees" - Kim Crockett, Vice President, Senior Policy Fellow and General Counsel, Center of the American Experiment.
 Audio
Minutes: (PDF / HTML)
April 6, 2017
CANCELLED		 Room G-15
State Capitol
CANCELLED
Ms. Antonelli's flight was canceled due to inclement weather
Agenda
Meet & Greet on the Minnesota Secure Choice Retirement Program proposed in S.F. 2303 (Pappas); H.F. 2570 (Becker-Finn)
Special Guest: Angela M. Antonelli, Executive Director Georgetown Center for Retirement Initiatives		 --
April 18, 2017
5:30 pm		 Room G-15
State Capitol		 Agenda, Materials & Action
  • S.F. 2233 (Rosen); H.F. 2486 (O'Driscoll): MSRS, TRA, SPTRA; Governor's funding proposal.
  • SF xxxx; HF xxxx: VFRAs/PERA-SVFRP; Permitting relief association withdrawal from the statewide plan in order to join a volunteer firefighter relief association.
  • Deloitte Consulting: Review of the 2016 Actuarial Valuations and TRA Replication Valuation.
    • Motion LCPR17-M2 regarding actuarial valuations
 Audio
Minutes: (PDF / HTML)
April 25, 2017
5:30 pm		 Room 1200
Minnesota Senate Building		 Agenda, Materials & Action
  • MSRS-Unclassified; Change in factors for converting an account to an annuity (eff. 7/1/17).
  • S.F. 1384 (Rosen); H.F. 1672 (Murphy): Volunteer firefighter relief associations (VFRAs); Implementing the recommendations of the Volunteer Fire Relief Association Working Group.
  • S.F. 1705 (Rosen); H.F. 2126 (O'Driscoll): MSRS; Revising augmentation rates for certain terminated privatized employees (Fairview).
 Audio/Video
Minutes
May 8, 2017
5:30 pm		 Room 123
State Capitol		 Agenda, Materials & Action
  • LCPR17-035 (Murphy, M.): PERA; Authorizing an eligible Duluth township employee to elect PERA general plan coverage and receive retroactive coverage.
  • LCPR17-036 (Murphy, M.): MSRS-Unclassified; Grandfathering current factors used in the calculation of annuities under the MSRS Unclassified Program.
  • S.F. 1705 (Rosen); H.F. 2126 (O'Driscoll): MSRS; Revising augmentation rates for certain terminated privatized employees (Fairview).
  • LCPR17-038; Minnesota public employee pension plans; Benefit and contribution changes.
 Audio
Minutes
May 10, 2017
8:30 am 		Room 1150
Minnesota Senate Building		 Agenda, Materials & Action
  • LCPR17-035 (Murphy, M.): PERA; Authorizing an eligible Duluth township employee to elect PERA general plan coverage and receive retroactive coverage.
  • LCPR17-036 (Murphy, M.): MSRS-Unclassified; Grandfathering current factors used in the calculation of annuities under the MSRS Unclassified Program.
  • S.F. 1705 (Rosen); H.F. 2126 (O'Driscoll): MSRS; Revising augmentation rates for certain terminated privatized employees (Fairview).
  • LCPR17-038; Minnesota public employee pension plans; Benefit and contribution changes.
  • Final action on the 2017 Omnibus Retirement Bill.
  • Motion LCPR17-M3: MSRS, PERA, and SPTRFA; Assumptions for salary and payroll growth.
 Audio
Minutes
September 20, 2017
2:00 pm		 Room G-15
State Capitol		 Agenda, Materials & Action
  • Report from the pension fund executive directors:
    • What impact does the 15.1% investment return for FY 2017 have on the funded status of the pension plans?
    • How much did the 2017 veto of the pension bill cost the pension plans?
  • Presentation summarizing national economic forecasts and thoughts on pension plan discount rate.
    • Laura Kalambokidis, Minnesota State Economist
  • Report on the Combined Funds' investment rate of return for FY 2017.
    • Mansco Perry, Executive Director, State Board of Investment
 No audio
(recording malfunction)
Minutes

2018 Meetings

Date/Time Location Agenda/Meeting Materials Multimedia/Minutes
Jan. 12, 2018
9:00 AM		 Room G-15
MN Capitol Building		 Agenda, Materials & Action
  • Report by MMB Commissioner Myron Frans:
    -November budget forecast
    -Impact of pensions on the state's credit rating
    -Update on the Governor's recommendations regarding pensions for the 2018 Legislative Session
  • Minnesota State Retirement System 2018 legislative proposal
  • Public Employees Retirement Association 2018 legislative proposal
  • Teachers Retirement Association 2018 legislative proposal
  • St. Paul Teachers Retirement Fund Association 2018 legislative proposal
 Audio
Video
Minutes
Jan. 24, 2018
2:00 PM		 Room 1150
MN Senate Building		 Agenda, Materials & Action
  • Public pension policy initiative: Kurt Winkelmann, Senior Fellow, Heller-Hurwicz Economics Institute, University of Minnesota
  • Oklahoma's path from a pension plan to a defined contribution plan for public employees: Joseph Fox, Executive Director, Oklahoma Public Employees Retirement System
  • Impact of the Tax Cuts and Jobs Act of 2017 on public pension plans and pension recipients: Joel Michael, House Research, and Nora Pollock, Senate Counsel
  • Motion LCPR18-M1, waive certain Actuarial Standards requirements
 Audio
Minutes
Feb. 6, 2018
11:00 AM		 Room 1150
MN Senate Building		 Agenda, Materials & Action
  • Public pension trends: Alex Brown, Research Manager, National Association of State Retirement Administrators (NASRA)
  • Report on trends and forecasts for public employment in Minnesota: Susan Brower, Minnesota State Demographer
  • Volunteer firefighter relief association pensions update:
    • Volunteer Fire Relief Association Working Group
    • Fire State Aid Work Group
    • PERA Statewide Voluntary Firefighters Retirement Plan (SVFRP) Advisory Board
 Audio
Video
Minutes
Feb. 19, 2018
1:00 PM		 Room 1100
MN Senate Building		 Agenda, Materials & Action
  • Motion LCPR18-M2: MSRS, PERA, and TRA; Changes to economic assumptions (except investment rate of return) for actuarial valuations.
  • Assessing the Risk of Fiscal Distress for Public Pensions: State Stress Test Analysis: Susan Banta, Director of Research, and Timothy Dawson, Officer, State Policy, Public Sector Retirement Systems Project, The Pew Charitable Trusts
  • The South Dakota Perspective: Robert A. Wylie, Executive Director, South Dakota Retirement System
 Audio
Note: The recording equipment malfunctioned so much of the 1st hour was not recorded
Minutes
Feb. 27, 2018
5:30 PM		 Room 1200
MN Senate Building		 Agenda, Materials & Action
  • SF 2620 (Rosen); HF 3053 (O'Driscoll): 2018 Omnibus Retirement Bill, first consideration.
Audio
Minutes
Mar. 6, 2018
5:30 PM		 Room 1200
MN Senate Building		 Agenda, Materials & Action
  • SF 2622 (Utke); HF 2957 (Grossell): Clearbrook Fire Department Relief Association; Extension for submitting reports for fire state aid eligibility.
  • SF 2743 (Latz): TRA/MnState; TRA coverage election authority for certain employee.
  • HF 3145 (Newberger): PERA DC; Permitting distributions while employed; clarifying provisions.
  • Amendment S2620-2A: PERA-P&F; Providing coverage for part-time paramedics and emergency medical technicians employed by Hennepin Healthcare System, Inc.
  • LCPR18-012 PDF / HTML): Hennepin County supplemental retirement plan; expanding investment authority.
  • SF 2620 (Rosen); HF 3053 (O'Driscoll): 2018 Omnibus Retirement Bill, second consideration.
Audio
Minutes
Mar. 13, 2018
5:30 PM		 Room 1200
MN Senate Building		 Agenda, Materials & Action
  • Minnesota Management and Budget testimony on the 2018 Omnibus Retirement Bill - Myron Frans, Commissioner
  • Motion LCPR18-M3: SPTRFA; Changes to demographic and economic assumptions for actuarial valuations.
  • SF 3185 (Frentz); HF 3720 (Thissen): PERA-General; Excluding certain St. Paul city and school district temporary construction employees who are covered by the Minnesota Laborers Pension Fund
  • SF 2971 (Lang); HF 3353 (Miller): PERA Privatizations; Clarifying a 1992 session law impacting employees of the Swift County/Benson Hospital.
  • SF 2620 (Rosen); HF 3053 (O'Driscoll): 2018 Omnibus Retirement Bill, third consideration.
Audio
Minutes
May 8, 2018
8:00 AM		 Room 1200
MN Senate Building		 Agenda, Materials & Action
  • Amendment S2620-10A: Maplewood Firefighters Relief Association; Termination and dissolution.
  • Amendment S2620A1: Volunteer Firefighter Relief Associations: Disposition of special fund assets upon dissolution; lump-sum service pension maximum for overfunded relief associations.
  • Amendment S2620-14A: Volunteer Firefighter Relief Associations: Disposition of special fund assets upon dissolution.
  • Amendment S2620-11A: Volunteer Firefighter Relief Associations; Moratorium on relief association dissolutions and plan conversions; relief association work group created.
Audio
Minutes