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Legislative Commission on Pensions and Retirement

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LCPR News and Developments

2022 Session Summary of pension and retirement legislation is now available.

The summary, prepared by Commission staff, covers the actions relating to pensions and retirement by the Legislature and the Legislative Commission on Pensions and Retirement that occurred during the 2022 legislative session. Most of the pension legislation enacted during the 2022 legislative session was enacted as part of the 2022 omnibus pension and retirement bill, which was passed as Laws 2022, Chapter 65, but other enacted legislation indirectly related to pensions and retirement topics and non-legislative actions taken by the Commission are also included in the summary.

Van Iwaarden Associates to continue as Commission Actuary for two more years

The Commission, acting through its Executive Committee, has approved the extension of the Commission's contract with local actuarial firm, Van Iwaarden Associates (VIA), for another two years. The contract was due to expire on January 21, 2023. Under the terms of the extension, VIA will perform actuarial audits of St. Paul Teachers Retirement Fund Association and the MSRS and PERA Correctional Plans in 2023 and the Police and Fire Plan and State Patrol Plan in 2024. VIA will also review the quadrennial experience studies for the MSRS and PERA General Plans and TRA in 2024.

New webpage for required filings added to lcpr.mn.gov website

The Commission has added a new webpage, called "Mandatory Reporting to the LCPR", to its website, at the link under "Quick Links" on the right side of the home page. Legislators, staff, and the public will be able to access annual filings required by statute. So far, filings that are now available for viewing are:

  • by the City of St. Paul and the St. Paul Public Schools, regarding the number of trades employees participating in both a multiemployer plan and PERA, and
  • by 403(b) and 457(b) plan administrators or custodians, regarding investment fees and rates of return for these plans.

Commission staff hope to add access to the "Investment Business Recipient Disclosure Forms" that are required to be filed annually by all volunteer fire relief associations that offer a retirement plan in the months to come.

See previous LCPR News articles

Minnesota News

State Board of Investment selects Jill Schurtz as next Executive Director and Chief Investment Officer.

The Minnesota State Board of Investment voted on August 24, 2022, to select Jill Schurtz to serve as the Executive Director and Chief Investment Officer, to succeed Mansco Perry III, who is retiring in October. Ms. Schurtz has served as the CIO and Executive Director of the St. Paul Teachers Retirement Fund Association since 2014. The SBI, which oversees over $120 billion in state pension and other funds, consists of Governor Tim Walz, State Auditor Julie Blaha, Secretary of State Steve Simon, and Attorney General Keith Ellison. Read more...

State Board of Investment reports -6.4% investment return for the Combined Funds for the Fiscal Year ending June 30, 2022.

The Combined Funds represent the assets for both the active and retired public employees in the statewide retirement systems, the biggest of which are the Public Employees Retirement Association (PERA), the Teachers Retirement Association (TRA), and the Minnesota State Retirement System (MSRS). The SBI commingles the assets of these plans into the Combined Funds. 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