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Legislative Commission on Pensions and Retirement
Pension Commission 2023-2024 Meetings

Pension Commission 2023 to 2024 Meetings

2023 Meetings:  Jan. 23 Jan. 30 Feb. 6 Feb. 13 Feb. 20 Feb. 27 Mar. 6 Mar. 16 Mar. 20 Mar. 22 Mar. 27 Apr. 3 Apr. 17 May 4 Oct. 30
2024 Meetings:  Jan. 11 Feb. 12 Feb. 19 Feb. 26 Mar. 4 Mar. 11 Mar. 18 Mar. 25 Apr. 2 Apr. 8 Apr. 29      
Executive Committee:   Jan. 8, 2024

 
 

2023 Meetings

Date/Time Location Agenda/Meeting Materials Multimedia/Minutes
January 23, 2023
8:30 AM		 Room 120 Capitol Agenda, Materials & Action
  1. Member and staff introductions.
  2. Election of 2023-2024 Commission officers - Chair, Vice Chair, and Secretary.
  3. Approval of meeting minutes.
  4. Brief overview of the Commission and Minnesota's public pension statutes and structure.
  5. Presentation by the Commission actuary, VIA Actuarial Solutions, on the work of the actuary and actuarial concepts.
  6. Presentations by the Minnesota State Retirement System (MSRS) and Public Employees Retirement Association (PERA) executive directors on FY22 actuarial status.
 Video
Minutes
January 30, 2023
8:30 AM		 Room 120 Capitol Agenda, Materials & Action
  1. Approval of meeting minutes.
  2. Presentations by the Public Employees Retirement Association, Teachers Retirement Association, and St. Paul Teachers Retirement Fund Association executive directors.
    • Public Employees Retirement Association (PERA), Doug Anderson, Executive Director
    • Teachers Retirement Association (TRA), Jay Stoffel, Executive Director
    • St. Paul Teachers Retirement Fund Association, Dr. Mike McCollor, Interim Executive Director; President, Board of Trustees, and Phill Tencick, Executive Director/CIO
  3. Presentation by the State Board of Investment (SBI).
    • Jill E. Schurtz, Executive Director and Chief Investment Officer
 Video
Minutes
February 6, 2023
8:30 AM		 Room 120 Capitol Agenda, Materials & Action
  1. Approval of meeting minutes.
  2. HF 1199 (Wolgamott); SF1308-Murphy: Minnesota State Retirement System (MSRS) 2023 administrative bill.
  3. HFxxxx; SFxxxx (Revisor #23-03171): Public Employees Retirement Association (PERA) 2023 administrative bill.
  4. HFxxxx; SFxxxx (Revisor #23-03138): Teachers Retirement Association (TRA) 2023 administrative bill.
  5. Amendment H1199-DE1 to combine the MSRS, PERA, and TRA administrative bills.
  6. Presentation by the Commission actuary on the investment rate of return actuarial assumption.
 Video
Minutes
February 13, 2023
8:30 AM		 Room 120 Capitol Agenda, Materials & Action
  1. Approval of meeting minutes.
  2. Presentation on investment portfolio and historic rates of return for the public pension funds at the State Board of Investment.
  3. HF 1468 (Nelson, M.); SF 1377 (Rasmusson): Reducing the assumed rate of return to 7% for the Minnesota State Retirement System, Public Employees Retirement Association, Teachers Retirement Association, and St. Paul Teachers Retirement Fund Association.
  4. Presentation on the Department of Labor & Industry report: "Adequacy of Disability Benefits for Minnesota Police Officers."
Video
Minutes
February 20, 2023
8:30 AM		 Room 120 Capitol Agenda, Materials & Action
  1. Approval of meeting minutes.
  2. HF 782 (Becker-Finn); SF 413 (Pappas): Establishing the Minnesota Secure Choice retirement program.
  3. HF 1201 (Nelson); SF 1393 (Pappas): Increasing the employer contribution limit to the International Union of Operating Engineers multiemployer plan.
  4. Presentation on the Minnesota State Individual Retirement Account Plan (IRAP) overview and history of Teachers Retirement Association (TRA) coverage elections.
 Video
Minutes
February 27, 2023
8:30 AM		 Room 120 Capitol Agenda, Materials & Action
  1. Approval of meeting minutes.
  2. HFxxxx; SF1910 (Frentz): Higher Education Individual Retirement Account Plan (IRAP): Increasing the employer contribution rate.
  3. Minnesota State Higher Education Retirement Account Plan (IRAP) / Teachers Retirement Association (TRA) coverage elections and service credit transfers.
    1. HFxxxx; SF1995 (Seeberger): IRAP, TRA; Permits a Minnesota State employee to elect TRA coverage and receive retroactive service credit.
    2. HF1499 (Olson, L.); SF1420 (McEwen): IRAP, TRA; Permits certain Fond Du Lac Tribal and Community College employees to elect TRA coverage and receive retroactive service credit.
    3. LCPR23-021: IRAP, TRA; General legislation permitting Minnesota State employees to elect TRA coverage and receive retroactive service credit.
  4. Stakeholder testimony on benefit improvements for teachers.
 Video
Minutes
March 6, 2023
8:30 AM		 Room 120 Capitol Agenda, Materials & Action
  1. Approval of meeting minutes.
  2. Public testimony on benefit improvements for teachers (testifiers remaining from the February 27 meeting).
  3. Minnesota Management & Budget (MMB) presentation on the Governor's budget for public pensions.
  4. Presentations by the pension fund directors on benefit changes and funding proposals.
    • LCPR23-029: TRA board benefit and funding proposal
  5. Public testimony on the pension fund benefit change/funding proposals.
  6. HF2222 (Wolgamott); SF1938 (Frentz): Teachers Retirement Association and St. Paul Teachers Retirement Fund Association (Education Minnesota proposal).
 Video
Minutes
March 16, 2023,
8:30 AM		 Room 120 Capitol Agenda, Materials & Action
  1. Approval of meeting minutes.
  2. Presentation on the State Auditor's Supplemental State Aid Work Group Report
  3. HF 2928 (Nelson); SFxxxx (Pappas): State Auditor's Volunteer Firefighter Working Group recommendation on audit requirement threshold increase.
  4. HF 217 (Franson); SF 809 (Westrom): PERA Statewide Volunteer Firefighter Plan; Modifying service counted in determining vesting in a retirement benefit.
  5. HF 2007 (Robbins); SF 1975 (Limmer): PERA Statewide Volunteer Firefighter Plan; Mid-year coverage effective date for Hamel and Loretto firefighters, merger of assets and liabilities.
  6. HF2777 (Hudella): PERA Statewide Volunteer Firefighter Plan; Amending the requirements applicable to a relief association after the affiliated fire department joins the plan.
 Video
Minutes
March 20, 2023
8:30 AM		 Room 120 Capitol Agenda, Materials & Action
  1. Approval of meeting minutes.
  2. HF 1234 (Her), 1st Engrossment; SF 1959 (Frentz): Modifying peace officer and firefighter duty disability provisions; requiring a report; appropriating money.
  3. HF 2713 (Nelson, M.); SF 2371 (Frentz): PERA; Increasing post-retirement adjustments for members receiving a basic member annuity from the general plan.
  4. HF 1923 (Wolgamott); SF 2140 (Seeberger): PERA; Authorizing transfer of past service credit from the PERA general plan to the police & fire plan for two Metropolitan Airports Commission police officers.
  5. HF 1669 (Anderson, P.H.): PERA Defined Contribution Plan; Expanding coverage to include local government officials, whether elected or appointed.
  6. SF 208 (Howe): PERA; Extending the payment period for the purchase of service credit for periods of military service.
  7. LCPR23-033: St. Paul Teachers Retirement Fund Association; Permits members who are in a same-sex marriage to designate their spouse as a survivor, even if they are in pay status.
 Video
Minutes
March 22, 2023
6:00 PM		 Room 120 Capitol Agenda, Materials & Action
  1. Approval of meeting minutes.
  2. 2023 Pension and Retirement Policy Bill, HF2950 (Her); SF3016 (Frentz).
    • Delete-Everything Amendment A23-0092, contains the language of policy bills laid over for possible inclusion.
    • Amendment A230092-1A: Establishing a work group on IRAP to TRA transfers
    • Amendment A230092-2A: TRA and St. Paul Teachers; Extending the time period for purchasing service credit for periods of military service
 Video
Minutes
March 27, 2023
8:30 AM		 Room 120 Capitol Agenda, Materials & Action
  1. Approval of meeting minutes.
  2. HF 782, 1st Engrossment (Becker-Finn); SF 413, 2nd Engrossment (Pappas): Minnesota Secure Choice Retirement Program.
  3. Presentation and discussion of the draft budget spreadsheet for the Pension Omnibus Finance Bill.
 Video
Minutes
April 3, 2023
8:30 AM		 Room 120 Capitol Agenda, Materials & Action
  1. Approval of meeting minutes.
  2. 2023 Pension Budget Omnibus Bill
 Video
Minutes
April 17, 2023
8:30 AM		 Room 120 Capitol Agenda, Materials & Action
  1. Approval of meeting minutes.
  2. Approval of actuarial assumption changes for the St. Paul Teachers Retirement Fund Association.
  3. Possible legislation, work groups, and topics for the 2023-2024 interim.
 Video
Minutes
May 4, 2023
9:00 AM		 Room 120 Capitol Agenda, Materials & Action
  1. Approval of meeting minutes.
  2. HF 3294 (Wolgamott); SF 3314 (Cwodzinski): Teachers Retirement Association (TRA); Lowering the normal retirement age to age 64; increasing employee and employer contributions for TRA and the Higher Education Individual Retirement Account Plan.
 Video
Minutes
October 30, 2023
5:00 PM		 Duluth, Minnesota Agenda, Materials & Action
  • Listening Session - Public Testimony
 Audio
Minutes

2024 Meetings

Date/Time Location Agenda/Meeting Materials Multimedia/Minutes
Executive Committee
January 8, 2024
10:00 AM		 Remote meeting Agenda, Materials & Action
  • Minnesota Secure Choice Retirement Program Board of Directors
    • Consideration of applicants for three seats to be appointed by the LCPR.
    • Approval of appointments.
 House Video
YouTube Video
Minutes
January 11, 2024
4:00 PM		 Fergus Falls Agenda, Materials & Action
  • Listening Session - Public Testimony.
 House Video
YouTube Video
Minutes
February 12, 2024
8:30 AM		 Room 120 Capitol Agenda, Materials & Action
  1. Approval of meeting minutes.
  2. Designation of member of the Secure Choice board of directors to convene the first meeting.
  3. Presentation by the Commission actuary VIA Actuarial Solutions.
  4. Presentation by the St. Paul Teachers Retirement Fund Association.
  5. Presentation by the Minnesota State Retirement System.
  6. Presentation by the Public Employees Retirement Association.
  7. Presentation by the Teachers Retirement Association.
 House Video
House YouTube Video
Minutes
February 19, 2024
8:30 AM		 Room 120 Capitol Agenda, Materials & Action
  1. Approval of meeting minutes.
  2. Motion LCPR24‑M2: Approval of actuarial assumption changes for the Minnesota State Retirement System (MSRS) General and Legislators Plans, Public Employees Retirement Association (PERA) General Plan, and Teachers Retirement Association (TRA).
  3. HFxxxx/SFxxxx (Revisor #24-06717): IRAP to TRA Work Group bill.
  4. HFxxxx/SFxxxx (Revisor #24-06830): Minnesota State Retirement System Administrative bill.
 House Video
House YouTube Video
Minutes
February 26, 2024
8:30 AM		 Room 120 Capitol Agenda, Materials & Action
  1. Approval of meeting minutes.
  2. Approval of firefighter relief association actuarial assumption changes
    • Motion LCPR24-M3: Brooklyn Center Firefighters’ Relief Association
    • Motion LCPR24-M4: Minnetonka Firemen’s Relief Association
    • Motion LCPR24-M5: Chaska Fire Department Relief Association
  3. HF 3636 (Cha); SF 3574 (Pappas): Recommendations of the State Auditor’s Volunteer Fire Relief Association Working Group.
  4. Report on the Statewide Volunteer Firefighter Plan (SVF) Incentive Program.
  5. HFxxxx (Berg); SF xxxx (Nelson), Revisor #24-07097: Public Employees Police and Fire Retirement Plan (PERA P&F); Revising eligibility for firefighters.
 House Video
House YouTube Video
Minutes
March 4, 2024
8:30 AM		 Room 120 Capitol Agenda, Materials & Action
  1. Approval of meeting minutes.
  2. HF 3930 (Frederick); SF 3761 (Frentz): MSRS Correctional; Adding “music therapist” to the positions eligible for coverage; permitting the purchase of past service credit.
  3. HF xxxx; SF 4424 (Pappas): MSRS Correctional; Adding “baker,” “cook,” “culinary supervisor,” and “kitchen supervisor” to the positions eligible for coverage; permitting the purchase of past service credit.
  4. HF 4248 (Moller); SF xxxx: Secure Choice Retirement Program; Permitting home and community-based services employees to participate in the program.
  5. HF 4270 (Becker-Finn); SF 4319 (Pappas): Secure Choice; Modifying requirements applicable to the board of directors; authorizing the appointment of an interim executive director; making technical corrections.
 House Video
House YouTube Video
Minutes
March 11, 2024
8:30 AM		 Room 120 Capitol Agenda, Materials & Action
  1. Approval of meeting minutes.
  2. HF 4428 (Nelson); HF 4606 (Rasmusson): Public Employees Retirement Association (PERA); Amending withdrawal liability for privatizing medical facilities.
  3. HF 4429 (Nelson); SF 4751 (Seeberger): PERA General and Correctional; Modifying the limitation on disability benefit payments by eliminating an offset for income received from workers' compensation.
  4. HF 4553 (Tabke); SF 4645 (Hauschild): State Patrol Plan; Codifying the right to return to employment and continue receiving an annuity.
  5. HF 4656 (Pursell); SF 4759 (Westlin): Supplemental Plans; Allowing employer matching contributions on account of an employee's qualified student loan payments under Secure 2.0; modifying other provisions for supplemental deferred compensation plans.
 House Video
House YouTube Video
Minutes
March 18, 2024
8:30 AM		 Room 120 Capitol Agenda, Materials & Action
  1. Approval of meeting minutes.
  2. HF 3675 (Wolgamott); SF 3822 (Kupec): Minnesota State Retirement System (MSRS) General Plan; Unreduced early retirement annuity for select Department of Corrections employees if the employee is at least 62 years old or has at least 30 years of service.
  3. HF 4081 (Stephenson); SF 4092 (Gustafson): Public Employees Retirement Association (PERA) Correctional Plan; Increasing the benefit multiplier from 1.9% to 2.2% for prospective service; increasing employee and employer contributions.
  4. HF 4933 (Nadeau); SF 4968 (Pappas): Teachers Retirement Association (TRA), St. Paul Teachers Retirement Fund Association (SPTRFA); Extending the suspension of the earnings limitation for retired teachers who return to teaching.
  5. HF 4899 (O'Driscoll); SF 5073 (Westlin): PERA Defined Contribution Plans; Defined contribution plan federal compliance.
  6. HF xxxx; SF 5062 (Rasmusson): PERA Statewide Volunteer Firefighter Plan (SVF); Adding a defined contribution plan and making administrative changes.
 House Video
House YouTube Video
Minutes
March 25, 2024
8:30 AM		 Remote meeting Agenda, Materials & Action
  1. Presentation by the National Association of State Retirement Administrators (NASRA): "Pension Benefits Provided to Teachers in Minnesota Compared to Reachers in Other States".
  2. Presentation by The Pew Charitable Trusts: "Research on Public Pension Retirement Security and Teachers’ Benefits".
  1. HF 3972 (Wolgamott); SF 4196 (Gustafson): Teachers Retirement Association (TRA); Modifying the early retirement reduction factors; increasing employer contributions; increasing pension adjustment revenue for school districts.
  2. HF 3808 (Nadeau); SF 4348 (Pratt): TRA; providing for an unreduced retirement annuity upon reaching age 62 with 30 years of service; increasing the employee contribution rate.
 House Video
House YouTube Video
Minutes
April 2, 2024
6:30 PM		 Room 120 Capitol Agenda, Materials & Action
  1. Approval of meeting minutes.
  2. HF xxxx; SF 5197 (Pappas): MSRS General; Authorizing foreign citizens employed by public employers on a H-1B, H-1B1, or E3 visa to purchase service credit for a prior period of employment as an excluded employee.
  3. HF 4358 (Brand); SF 5288 (Frentz): MSRS Correctional; Adding registered nurse-supervisor to the positions eligible for coverage and moving group supervisor and group supervisor assistant positions.
  4. HF 4666 (Wolgamott); SF 4878 (Frentz): PERA P&F; Increasing the post-retirement adjustment; decreasing the waiting period for a post-retirement adjustment.
  5. HF 5137 (Wolgamott); SF xxxx: PERA P&F; Permitting payment of a normal retirement annuity without reduction or suspension upon employment or reemployment on or after age 55.
  6. HF xxxx (Nelson); SF 5227 (Rasmusson): All plans; Resolving a conflict in the statute that dictates the established date for full funding; deleting obsolete provisions.
  7. HF xxxx (Her); SF xxxx (Frentz) (Revisor #24-08106): All plans except MSRS; Changing the lookback for the full funding threshold from one year to three years.
 House Video
House YouTube Video
Minutes
April 8, 2024
8:30 AM		 Room 120 Capitol Agenda, Materials & Action
  1. Approval of meeting minutes.
  2. Chair’s discussion of the budget target for pensions.
  3. 2024 Omnibus Pension and Retirement Bill, in the form of delete-everything amendment H5040-DE1 to HF 5040 (Her); SF 4643 (Frentz).
 House Video
House YouTube Video
Minutes
April 29, 2024
8:30 AM		 Room 120 Capitol Agenda, Materials & Action
  1. Approval of meeting minutes.
  2. Update from the State Board of Investment.
  3. SF 1386 (McEwen); Restoring augmentation to retirement annuities for members who left public employment before January 1, 2019, when vested but not yet at retirement age.
  4. Resolution directing the executive directors of MSRS, PERA, TRA, and St. Paul Teachers to correct errors as provided in current law, as amended by Article 8, Section 12, of the 2024 Pension and Retirement Policy and Supplemental Budget Bill.
  5. Pension options for public safety and public safety adjacent positions in the PERA General Plan such as 911 telecommunicators, probation and parole officers, and county child support agents.
  6. Projects and work groups for the 2024-2025 legislative interim.
 House Video
House YouTube Video