March 18, 2025, Pension Commission Meeting

Agenda

1. Approval of the March 11, 2025, meeting minutes. ‑ Approved


2. Presentation by the State Board of Investment (SBI).
   • Presenters:
     • Jill Schurtz, Executive Director and Chief Investment Officer
     • Andy Christensen, Deputy Executive Director
     • John Mulé, General Counsel
   • Presentation: SBI Overview


3. Update from the Commission Actuary, including an overview of the recently published 2022-2023 Public Retirement Plan Portability Assumptions Study.
   • VIA Actuarial Solutions presenters:
     • Mark Schulte, President, Consulting Actuary
     • Emily Knutson, Consulting Actuary
   • Presentation: VIA 2025 LCPR Actuarial Update


4. Mandatory annual reporting to the Commission (continued from last meeting).
   • Staff memo from March 11
   • Reports on pension fund correction of operational errors:
   • Minnesota State Retirement System (MSRS) report
   • St. Paul Teachers Retirement Fund Association (SPTRFA) report
   • Public Employees Retirement Association (PERA) report
   • Teachers Retirement Association (TRA) report
   • Report on IRAP to TRA transfers
   • Investment Business Recipient Disclosure reports by firefighter relief associations
     • Staff memo


5. SF 1341 (Pappas); HF 1828 (Cha): Recommendations of the State Auditor’s Fire Relief Association Working Group. ‑ Passed
   • SF1341-HF1828 Summary
   • Presenters:
     • State Auditor Julie Blaha
     • Rose Hennessy Allen, Pension Director, Office of the State Auditor
   • Presentation: State Auditor's Fire Relief Association Working Group
   • Testifiers:
     • Dan Johnson, Fire Chief, Mendota Heights Fire Department
     • Mikal Knotek, Secretary, St. Michael Fire Relief Association


6. SF xxxx; HF 2395 (Huot): Firefighter relief associations; increasing the maximum lump-sum service pension amount from $15,000 to $20,000 for each year of service credited. ‑ Passed
   • Staff summary SFxxxx-HF2395 Summary   (3/19 Revised Summary)
   • Testifier:
     • Matt Nelson, Fire Chief, Apple Valley Fire Department


7. SF xxxx; HF 1889 (O’Driscoll): Minnesota State Retirement System administrative bill. ‑ Passed
   • SFxxxx-HF1889 Summary


8. SF xxxx; HF 2237 (O’Driscoll): MSRS; Increasing the formula multiplier for the MSRS General Plan; increasing the postretirement adjustment for the General, Legislators, and Unclassified Plans. ‑ Laid over
   • SFxxxx-HF2237 Summary
   • Testifier:
     • Erin Leonard, Executive Director, MSRS (presentation)
   • Submitted testimony:
     • AFSCME Council 5 Letter Supporting HF2237

PUBLIC TESTIMONY: Persons interested in testifying must email Lisa Diesslin at lisa.diesslin@lcpr.mn.gov by 5:00 PM on Monday, March 17, identifying the specific agenda item on which you would like to testify, your name, organization and title (if applicable), email address, and phone number. Testimony is limited to the items on the agenda.

PUBLIC VIEWING INFORMATION: This meeting will be streamed live by Senate Media Services (webcast schedule).

MEETING DOCUMENTS: are also posted on the legislative calendar as soon as they are available.

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