Mid-year effective date for joining Public Employees Retirement Association statewide volunteer firefighter plan provided for Hamel Volunteer Fire Department Relief Association and Loretto Firefighters Relief Association, and Public Employees Retirement Association authorized to merge assets and liabilities related to retirement benefits for merged firefighters.
Impact
The proposed bill allows the merger of the retirement assets and liabilities related to the respective firefighter relief associations, which is a significant change in how retirement benefits are handled for volunteer firefighters in these communities. By merging their plans, the bill intends to create a more unified retirement structure, which may ultimately enhance the financial stability and sustainability of these retirement benefits.
Summary
House File 2007, sponsored by Representative Robbins, focuses on amendments to retirement provisions for volunteer firefighters in Minnesota. Specifically, it provides for a mid-year effective date for the Hamel Volunteer Fire Department Relief Association and the Loretto Firefighters Relief Association to join the Public Employees Retirement Association's statewide volunteer firefighter plan. This change aims to integrate the retirement plans of these two organizations, allowing for a more streamlined approach to managing their firefighter benefits under a single framework.
Contention
While the bill seems to offer potential benefits for the involved firefighter associations, it may raise concerns regarding the impact on local governance and individual autonomy of the fire departments. Discussions around such mergers often bring to light issues of control over local funds and decision-making regarding retirement benefits. Stakeholders may have differing views on the necessity and timing of this merger, particularly about how it could affect existing contracts and the long-term viability of the retirement plans.
Similar To
Mid-year effective date provision for joining the Public Employees Retirement Association statewide volunteer firefighter plan for the Hamel Volunteer Fire Department Relief Association and the Loretto Firefighters Relief Association
Mid-year effective date provision for joining the Public Employees Retirement Association statewide volunteer firefighter plan for the Hamel Volunteer Fire Department Relief Association and the Loretto Firefighters Relief Association
Public Employees Retirement Association statewide volunteer firefighter plan service counted in determining vesting in a retirement benefit modification
State Auditor's volunteer firefighter working group recommendations; volunteer firefighters relief association provisions amended, and conforming changes made.
State auditor's volunteer firefighter working group recommendations implemented, volunteer firefighters relief associations governing provisions modified, and conforming changes made.
Public Employees Retirement Association statewide volunteer firefighter plan provisions modified, and service counted modified in determining vesting in a retirement benefit.
Statewide volunteer firefighter retirement plan; requirements applicable to relief association after affiliated fire department joins statewide volunteer firefighter retirement plan amended.
Public Employees Retirement Association statewide volunteer firefighter plan; defined contribution plan added, frequency of funding requirement determinations reduced, firefighters with previous service allowed to request service credit for vesting purposes, and other technical and administrative changes made.