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Legislative Commission on Pensions and Retirement

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LCPR News and Developments

new Governor signs 2022 Pension and Retirement Omnibus Policy Bill

The Governor signed the Commission's omnibus policy bill on May 22, 2022. Find links to Chapter 65 and summaries of the bill as passed on the 2022 Pension and Retirement Bills page.

New LCPR Staff Materials

911 Telecommunicator Pension Benefits Working Group Report submitted to the LCPR

Laws 2021, Chapter 22, Article 9, Section 1, required the Commission to convene a working group for the purpose of studying 911 telecommunicator pension benefits. You can find information on the Working Group (meetings, agendas, etc.) on the 911 Telecommunicators Pension Benefits Working Group page.

The Commission's Report on the LCPR Study of Postretirement Adjustments (COLAs) submitted to the Legislature

A session law approved as part of the 2018 pension and retirement bill required the Commission to conduct a study of COLAs and report on its conclusions during the 2021 legislative session (see Laws 2018, Ch. 211, Art. 5, Sec. 14). The Commission considered the report at its March 2 and March 16, 2021, meetings. At its last meeting of the 2021 legislative session, on May 4, 2021, the Commission approved a motion to submit the COLA Study Report to the legislature.

Commission staff, with the assistance of the directors and staff of the pension funds, prepared the report, which represents months of research and analysis. The report was reviewed and discussed at a public forum and written and oral public comments were incorporated into the report.

See previous LCPR News articles

Minnesota News

Perry begins final lap at the Minnesota state agency that actually makes money (Star Tribune)

"Mansco Perry, a veteran of the Twin Cities financial scene, has led the State Board of Investment since 2013 and seen its assets nearly double in that time to $130 billion."

"Mansco Perry, who is nearing retirement after leading the Minnesota State Board of Investment (SBI) for nearly a decade, jokes that he has a vested interest in having a successor who is more skillful than him..." Read more...

Minnesota reports 30.3% fiscal-year return for pension plans (Pensions & Investments)

"The combined defined benefit plans of the Minnesota State Board of Investment, St. Paul, returned 30.3% in the fiscal year ended June 30, the highest return since the 1983 fiscal year."

"The $89.9 billion combined fund topped its benchmark return of 28.8% in the 2021 fiscal year, fueled by the 45.3% return of the fund's domestic equity portfolio, the 37.8% return of the private markets portfolio and 36.8% from the international equity allocation..." Read more...

See previous Minnesota News articles

National News

NASRA publishes rate of return assumptions for public pension plans as of February 2022

The National Association of State Retirement Administrators (NASRA) recently published investment return assumptions by plan. Read More...

Sagging Stocks Aren't the Only Threat to Pension Plans (Governing)

The National Conference of State Legislatures (NCSL) on market volatility and the state of the state of public pension funds (and the "smart moves" being made by certain funds to lower their investment ROR assumption).

"Last year, pension plans enjoyed big returns in the market, bringing their balances back to levels not seen since the Great Recession. They are still $1 trillion..." Read more...

See previous National News articles