State auditor's fire relief association working group recommendations implementation
Impact
The bill seeks to amend the statutory guidelines surrounding the funding and management of fire relief associations, which will enhance the stability and reliability of their pension funds. It further outlines how municipalities must meet their minimum obligations to the pension funds, thereby strengthening the financial security of retirement benefits for firefighters. Additionally, it modifies the disbursement processes to ensure funds are utilized for legitimate benefits and administrative expenses, thereby preventing misuse of pension funds.
Summary
SF1341 aims to implement the recommendations made by the state auditor’s fire relief association working group. The bill proposes amendments to various sections of the Minnesota Statutes, specifically targeting financial management, reporting requirements, and authorized disbursements from the special fund associated with firefighters' relief associations. It emphasizes a stricter framework for accountability and transparency, requiring relief associations to prepare detailed financial statements that accurately reflect their financial position and activities.
Contention
Notable points of contention may arise regarding the balance of financial responsibility between municipalities and firefighters’ relief associations. The amendments might present challenges for smaller municipalities that may struggle to meet heightened financial obligations without compromising other community services. Stakeholders will likely debate the implications of stricter reporting requirements and whether they adequately protect the interests of retired firefighters while also imposing fair financial responsibilities on municipalities.
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.
State Auditor's volunteer firefighter working group recommendation; relief association special fund asset or liability threshold increased for required annual financial report and audited financial statements.
Volunteer firefighter relief association's special fund asset or liability threshold increase for required annual financial report and audited financial statements authorization
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.
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
Statewide volunteer firefighter retirement plan; requirements applicable to relief association after affiliated fire department joins statewide volunteer firefighter retirement plan amended.
State Auditor's volunteer firefighter working group recommendations; volunteer firefighters relief association provisions amended, and conforming changes made.
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.