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Legislative Commission on Pensions and Retirement

new  Next meeting: Monday, April 3, at 8:30 AM (Agenda & Materials)

Meeting will be livestreamed by the House on HTV2:

LCPR News and Developments

new Commission approves the 2023 Pension and Retirement Policy Bill and sends it on
            to the State Government Committees

The Commission adopted Delete-Everything Amendment A23-0092, as amended, to HF 2950/SF 3016 as the 2023 Pension and Retirement Policy Bill at its meeting on March 22, 2023, and recommended the bill to the House and Senate committees of jurisdiction.

The bill and Amendment A23-0092 were considered and approved by the House State and Local Government Finance and Policy Committee at its meeting on March 27, 2023. The bill, as amended, is on the General Register ready to be taken up by the House.

The committee of jurisdiction in the Senate, the State and Local Government and Veterans Committee, may consider the bill at a future meeting.

Supplemental State Aid Work Group Report submitted to the LCPR.

The State Auditor convened a work group to discuss and articulate to the LCPR options for changing the method of allocating police and firefighter retirement supplemental state aid. The work group and report were mandated under Minnesota Laws 2021, Ch. 22, Art. 9, Sec. 2.

See previous LCPR News articles

Minnesota News

Study report: Adequacy of Disability Benefits for Minnesota Police Officers.

During the 2022 session, the Minnesota Legislature passed Senate File 1547, a bill requiring the Department of Labor and Industry (DLI) to complete a study of police disability benefit adequacy with the assistance of the Public Employees Retirement Association (PERA). DLI partnered with researchers at the Institute for Urban and Regional Infrastructure Finance from the Humphrey School of Public Affairs at the University of Minnesota to work on completing the study by the designated due date, Jan. 15, 2023. See the report...

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