May 4, 2021, Pension Commission Meeting

Agenda

1. Approval of Mar. 23, 2021, meeting minutes. - Approved


2. Approval of Appendix B to the Standards for Actuarial Work. - Approved
   • Actuary review: Mark Schulte, Consulting Actuary, Van Iwaarden Associates


3. SF 2405 (Rosen); HF 2514 (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, until [date to be determined]. - Passed as amended
   • S2405-H2514 Summary
   • Amendment S2405-2A - Adopted


4. SF 1452 (Frentz); HF 1291 (Murphy): Judges Plan; Reduces the postretirement adjustment and eliminates the triggers that increases the postretirement adjustment upon attainment of specified funding. - Passed
   • S1452-H1291 Summary


5. SF 2485 (Bigham, Rosen, Pappas): Establishes a working group to consider changes to the pension benefits for 911 telecommunicators. - Amended, passed (oral amendment to extend date to March 1)
   • S2485 Summary
   • MPPOA Letter
   • Testifier: Darlene Pankonie, ENP | 9-1-1 Communications Center Division Manager, Washington County Sheriff’s Office
   • Letter of support, Minnesota Police and Peace Officers Association (MPPOA)


6. 2021 Omnibus Pension & Retirement Bill, in the form of delete-everything amendment S1712-1A to SF1712 (Rosen); HF1758 (Nelson, M.) - Passed as amended
   • Delete-Everything Amendment S1712-1A, contains bills approved by the Commission through March 23 - Adopted as amended
     • S1712-1A General Summary
     • S1712-1A Section‑by‑Section Summary
     • S1712-1A Source Bills
   • Amendment S1712-3A, effective date change requested by MSRS - Adopted
   • Amendment S1712-5A, extends retroactive service credit purchases for H-1b visa holders - Adopted
     • Summary of Amendment S1712-5A
   • Amendment S1712-7A, establishment of firefighter work group - Adopted
   • Amendment S1712-8A, delete article 5, section 9 - Adopted
   • Amendment S1712-2A, technical clarifications and corrections - Adopted
     • Summary of Amendment S1712-2A
     • Testifier: State Auditor Julie Blaha
   • Staff authorization to make any necessary technical corrections - Adopted
   • FINAL ACTION ON THE 2021 OMNIBUS BILL - Passed as amended


7. Report on the LCPR Study of Postretirement Adjustments (COLAs). - Approved as amended
   • Motion alternatives:
     • MOTION OPTION 1: ........... moves adoption of the "Report on the LCPR Study of Postretirement Adjustments (COLAs)" as prepared by Commission staff. - No action
     • MOTION OPTION 2: ........... moves submission of the "Report on the LCPR Study of Postretirement Adjustments (COLAs)" as prepared by Commission staff to the legislature. - Approved as amended (COLA-2A)
   • Amendment COLA-2A - Adopted
   • Study Report (Text-only version)
   • Markup of report
   • Documents from previous meetings:
     • 3/2 Presentation
     • LCPR Principles
   
   

PUBLIC VIEWING: The remote meeting may be viewed live on the LCPR YouTube Channel.

TESTIFYING: If you wish to testify or submit written testimony on any of the agenda items, please contact Commission Assistant Lisa Diesslin at lisa.diesslin@lcpr.mn.gov by 6:00 PM on Monday, May 3, and you will receive further instructions.

ACCESSIBILITY: To provide feedback on digital accessibility of meeting information, please submit comments through the Minnesota Legislature Accessibility & Usability Comment Form. To learn more about requesting an accommodation, please visit the FAQs for Disability Access or contact the Legislative Commission on Pensions and Retirement at lcpr@lcpr.mn.gov.

This meeting is being held in accordance with Minnesota Statutes, Section 13D.021, and Legislative Coordinating Commission guidelines.