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Legislative Commission on Pensions and Retirement
Pension Commission 2021-2022 Meetings

Pension Commission 2021 to 2022 Meetings

2021 Meetings:  Feb. 16 Feb. 23 Mar. 2 Mar. 16 Mar. 23 May 4                
2022 Meetings:  Jan. 5 Jan. 12 Feb. 8 Feb. 15 Mar. 8 Mar. 15 Mar. 22 May 16            

 
 

2021 Meetings

Date/Time Location Agenda/Meeting Materials Multimedia/Minutes
February 16, 2021
5:00 PM		 Remote hearing Agenda, Materials & Action
  1. Election of 2021-2022 Commission officers.
  2. Approval of May 13, 2020, meeting minutes.
  3. Brief overview of the Commission's function, staff, and process.
  4. Presentation by the Commission actuary, Van Iwaarden Associates.
  5. Presentation by State Board of Investment
  6. Presentation by the retirement systems.
  7. Approval of actuarial assumptions for Minnesota State Retirement System Correctional, Judges, Legislators, and State Patrol plans, and Public Employees Retirement Association Correctional and Police & Fire plans.
 Audio/Video
Minutes
February 23, 2021
5:00 PM		 Remote Hearing Agenda, Materials & Action
  1. Approval of February 16, 2021, meeting minutes.
  2. Approval of actuarial assumptions for Minnesota State Retirement System Correctional, Judges, Legislators, and State Patrol plans, and Public Employees Retirement Association Correctional and Police & Fire plans.
  3. Informational Overview - PERA disability process.
 Audio/Video
Minutes
March 2, 2021
5:00 PM		 Remote Hearing Agenda, Materials & Action
  1. Approval of February 23, 2021, meeting minutes.
  2. SF976 (Pappas); HF1258 (Becker-Finn): Minnesota Secure Choice Retirement Program. *Informational; no formal action will be taken*
  3. HF1678 (Youakim): Reinstates the state aid to local governments to fund increased employer contributions to PERA enacted in 1997
  4. SF1454 (Pappas); HF1497 (Feist): Revises eligibility for H-1b visa employees under MSRS and PERA to comply with federal law
  5. Adoption of the Report on the LCPR Study of Postretirement Adjustments (COLA)
  6. HF1758-Nelson, M.: PERA 2021 administrative bill.
 Audio/Video
Minutes
March 16, 2021
5:00 PM		 Remote Hearing Agenda, Materials & Action
  1. Approval of March 2, 2021, meeting minutes.
  2. HF1107 (Murphy): PERA Statewide Volunteer Firefighter Plan; Permits the allocation of fire state aid between the SVF plan and the municipality.
  3. SF2056 (Rosen); HF2145 (Nelson, M.): State Auditor's fire relief association working group recommendations.
  4. SF1925 (Abeler); HF2192 (Heinrich): Ramsey Fire Relief Association and Nowthen firefighters; Provides full vesting and distribution of accounts to firefighters assigned to the Nowthen fire station.
  5. SF950 (Pappas); HF407 (Nelson, M.): MSRS; Increases the benefit for a former Dept. of Labor & Industry employee due to erroneous benefit estimate information from MSRS.
  6. Report on the LCPR Study of Postretirement Adjustments (COLA).
 Audio/Video
Minutes
March 23, 2021
5:00 PM		 Remote Hearing Agenda, Materials & Action
  1. Approval of March 16, 2021, meeting minutes.
  2. SF1303 (Pappas); HF1459 (Nelson,.M.): St. Paul Teachers Retirement Fund Association; Delays the employee contribution rate increase and makes administrative changes.
  3. SF2098 (Pratt); HF2188 (Mortensen): MSRS Correctional; Transfers one state employee's service credit from the general plan to the correctional plan.
  4. LCPR21-024: MSRS Unclassified; Extends the grandfather provision for the use of factors effective in 2016 in computing annuities for retirees who are at least age 63 or have at least 26 years of service.
  5. SF1993 (Howe); HF2163 (O'Driscoll): PERA; Extends the time period for purchasing service credit for periods of federally protected military service leave.
  6. LCPR21-023: Revises the requirement for bills drafted by commission staff for agencies and pension systems.
  7. SF609 (Goggin); HF419 (Drazkowski): Modifies the allocation formula for supplemental state aid paid to relief associations and the PERA Statewide Volunteer Firefighter Plan.
 Audio/Video
Minutes
May 4, 2021
5:00 PM		 Remote Hearing Agenda, Materials & Action
  1. Approval of March 23, 2021, meeting minutes.
  2. Approval of Appendix B to the Standards for Actuarial Work
  3. SF2405 (Rosen); HF2514 (O'Driscoll): MSRS Unclassified; Extends the grandfather provision for the use of factors effective in 2016 in computing annuities for retirees who are at least age 63 or have at least 26 years of service.
  4. SF1452 (Frentz); HF1291 (Murphy): Judges Plan; Reduces the postretirement adjustment and eliminates the triggers that increases the postretirement adjustment upon attainment of specified funding.
  5. SF2485 (Bigham, Rosen, Pappas): Establishes a working group to consider changes to the pension benefits for 911 telecommunicators.
  6. 2021 Omnibus Pension & Retirement Bill
  7. Report on the LCPR Study of Postretirement Adjustments (COLAs).
 Audio/Video
Minutes

2022 Meetings

Date/Time Location Agenda/Meeting Materials Multimedia/Minutes
January 5, 2022
1:00 PM		 Remote Hearing Agenda, Materials & Action
  1. Approval of May 4, 2021, meeting minutes.
  2. State Board of Investment Annual Update
    - Mansco Perry III, Executive Director and Chief Investment Officer
  3. Pension Funds Annual Update and Legislative Proposals--Including proposals to reduce the investment rate of return assumption (currently 7.5%)
    • Public Employees Retirement Association (PERA) presentation
      - Doug Anderson, Executive Director
    • Minnesota State Retirement System (MSRS) presentation
      - Erin Leonard, Executive Director
    • Teachers Retirement Association (TRA) presentation
      - Jay Stoffel, Executive Director
    • St. Paul Teachers Retirement Fund Association (SPTRFA) presentation
      - Jill Schurtz, Executive Director
  4. Guidance from the Commission's Actuary on the Investment Rate of Return Assumption
    - Mark Schulte and Emily Knutson, Van Iwaarden Associates
 Audio/Video
Minutes
January 26, 2022
1:00 PM		 Remote Hearing Agenda, Materials & Action
  1. Approval of January 5, 2022, meeting minutes.
  2. Approval of Appendix A to the Commission's Standards for Actuarial Work
  3. Guidance from the Commission's Actuary on the Investment Rate of Return Assumption
  4. Update from TRA and St. Paul Teachers (following board meetings)
  5. MMB Commissioner on investment rate of return assumption and credit rating agencies
  6. Public testimony on proposals to reduce the investment rate of return assumption
  7. PERA Police & Fire Plan disability update
 Audio/Video
Minutes
February 8, 2022
5:00 PM		 Remote Hearing Agenda, Materials & Action
  1. SF 2810 (Benson): PERA; Restores segmented annuities to members who have breaks in public employment
  2. SF 2957 (Kiffmeyer); HF 3136 (Bahner): PERA, MSRS; Continuing payment of annuity to health care workers who return to employment from retirement or continue employment on a phased retirement agreement
  3. SF 1547 (Jasinski); HF 1577 (Koznick): Requires the Department of Labor and Industry to study benefit adequacy for disabled or injured police officers
  4. HF 2610 (Rasmusson): Requires volunteer firefighters relief association special fund assets to be invested with the State Board of Investment
  5. SF 2614 (Anderson); HF 2690 (Lueck): MSRS; Military service purchases similar to the PERA provisions for service credit purchases that are not federally protected
  6. SF 2591 (Osmek); HF 2964 (Hertaus): MSRS; Permits the survivor of a deceased state employee to purchase service credit to receive an annuity death benefit
 Audio/Video
Minutes
February 15, 2022
5:00 PM		 Remote Hearing Agenda, Materials & Action
  1. SF 2614 (Anderson); HF 2690 (Lueck): MSRS; Military service purchases similar to the PERA provisions for service credit purchases that are not federally protected.
  2. SF 2591 (Osmek); HF 2964 (Hertaus): MSRS; Permits the survivor of a deceased state employee to purchase service credit to receive an annuity death benefit.
  3. Report of the 911 Telecommunicator Pension Benefits Working Group
 Audio/Video
Minutes
March 8, 2022
5:00 PM		 Remote Hearing Agenda, Materials & Action
  1. Approval of January 26 and February 8, 2022, meeting minutes.
  2. SF 3402 (Bigham); HF 3777 (Huot): PERA Statewide Volunteer Firefighter Plan; Adds vesting alternatives, removes pension reduction for retiring during the first five years of joining the plan, modifies procedures for joining the plan.
  3. SF 3542 (Rosen); HF 4018 (Nelson, M.): State Board of Investment; Makes administrative and technical changes clarifying the classification of SBI professional employees.
  4. SF 3499 (Rarick); HF 3704 (Sundin): MSRS Correctional; Authorizes the transfer of service credit from the MSRS general plan to the correctional plan upon payment by an eligible member
  5. SF 3540 (Rosen); HF4017 (Nelson, M.): State Auditor's Volunteer Fire Relief Association Working Group bill.
 Audio/Video
Minutes
March 15, 2022
5:00 PM		 Remote Hearing Agenda, Materials & Action
  1. Approval of February 15 and March 8, 2022, meeting minutes.
  2. SF 2913 (Bigham); HF 4012 (Masin): Teacher plans; Suspends earnings limitation for Teachers Retirement Association (TRA) and St. Paul Teachers Retirement Fund Association (SPTRFA) retired teachers who return to teaching.
  3. SF 3556 (Frentz); HF 3671 (Frederick): MSRS Correctional; Adds Residential Program Lead to the list of positions at the Department of Human Services (DHS) that are covered by the Minnesota State Retirement System (MSRS) Correctional Plan.
  4. SF 3872 (Draheim); HF 4186 (Pfarr): MSRS Correctional; Adds Dental Hygienist to the list of positions at the Department of Human Services (DHS) that are covered by the Minnesota State Retirement System (MSRS) Correctional Plan.
  5. SF 2546 (Pappas): All plans; Authorizes advanced practice registered nurses (APRNs) to provide disability assessments.
  6. SF 3541 (Rosen); HF 4016 (Nelson, M.): Establishes a work group to study member communications by the statewide pension systems.
 Audio/Video
Minutes
March 22, 2022
5:00 PM		 Remote Hearing Agenda, Materials & Action
  1. Approval of March 15, 2022, meeting minutes.
  2. HF 4139 (Olson, L., Murphy, Nelson, M.): PERA; Excludes from PERA coverage employees of the Duluth Transit Authority who are covered by a Teamsters pension plan.
  3. Bills previously laid over and ready for approval for inclusion in the omnibus pension and retirement bill:
    1. SF 2591 (Osmek); HF 2964 (Hertaus): MSRS; Permits the survivor of a deceased state employee to purchase service credit to receive an annuity death benefit.
    2. SF 2614 (Anderson); HF 2690 (Lueck): MSRS; Authorizes purchases of service credit for military service similar to the PERA provisions for service credit purchases that are not federally protected.
    3. SF 3499 (Rarick); HF 3704 (Sundin): MSRS Correctional; Authorizes the transfer of service credit from the MSRS General Plan to the MSRS Correctional Plan upon payment by an eligible member.
    4. SF 3556 (Frentz); HF 3671 (Frederick): MSRS Correctional; Adds Residential Program Lead to the list of positions at the Department of Human Services (DHS) that are covered by the MSRS Correctional Plan.
    5. SF 3872 (Draheim); HF 4186 (Pfarr): MSRS Correctional; Adds Dental Hygienist to the list of positions at the Department of Human Services (DHS) that are covered by the Minnesota State Retirement System (MSRS) Correctional Plan.
    6. SF 2810 (Benson); HF 3266 (Bahr): PERA; Restores segmented annuities to members who have breaks in public employment.
    7. SF 2913 (Bigham); HF 4012 (Masin): Teacher plans; Suspends earnings limitation on retired teachers who return to teaching, under Teachers Retirement Association (TRA) and St. Paul Teachers Retirement Fund Association (SPTRFA).
    8. SF 3048 (Duckworth); HF 2610 (Rasmusson), as amended (draft engrossment): Requires volunteer firefighters relief association special fund assets to be invested with the State Board of Investment.
    9. SF 3540 (Rosen); HF 4017 (Nelson, M.): State Auditor's Volunteer Fire Relief Association Working Group bill.
    10. SF 3402 (Bigham); HF 3777 (Huot), as amended (draft engrossment): PERA Statewide Volunteer Firefighter Plan; Adds vesting alternatives, removes pension reduction firefighters who retire during the first five years of joining the plan, modifies procedures for joining the plan.
    11. SF 2546 (Pappas), as amended (draft engrossment): All plans; Authorizes advanced practice registered nurses (APRNs) to provide disability assessments.
    12. SF 3542 (Rosen); HF 4018 (Nelson, M.): State Board of Investment; Makes administrative and technical changes clarifying the classification of SBI professional employees.
    13. SF 1547 (Jasinski), the first engrossment, as amended by the Senate Labor and Industry Policy Committee on 2/24/2022; HF 1577 (Koznick), as introduced: Requires the Department of Labor and Industry to study adequacy of workers compensation, disability and pension benefits for police officers.
  4. 2022 Omnibus Pension and Retirement Bill.
 Audio/Video
Minutes
May 16, 2022
5:00 PM		 Remote Hearing Agenda, Materials & Action
  1. Approval of March 22, 2022, meeting minutes.
  2. Motion LCPR22-M1: Approval of actuarial assumption change for the Spring Lake Park Firefighters' Relief Association.
  3. Delete-Everything Amendment S3541-DE3: Pension Benefits and Funding Bill.
 Audio/Video
Minutes