State auditor's fire relief association working group recommendations implemented.
Impact
The proposed changes will amend several sections of Minnesota Statutes pertaining to fire relief associations, targeting the financial reporting standards and municipal obligations associated with the special funds of these associations. Specifically, the municipalities will need to fulfill their minimum financial obligations to the relief associations without limits imposed by previous laws. This is intended to ensure that the funds are adequately maintained for the pensions and benefits of active and retired firefighters.
Summary
House File 1828 seeks to implement the recommendations from the state auditor's fire relief association working group, focusing on updating and clarifying rules regarding the financial operations of firefighters relief associations in Minnesota. This bill outlines the requirements for financial disclosures, including a detailed statement of revenue and expenditures, which needs to be certified by a licensed accountant or state auditor. By enhancing financial transparency, the bill aims to assure the proper management of relief funds, thereby protecting the interests of firefighters and their beneficiaries.
Contention
While supporters of HF1828 argue that these measures will provide vital transparency and stability to firefighters' pension funds, there is potential concern about the financial burden placed on municipalities to meet these obligations. Questions may arise regarding how municipalities will manage these financial requirements, especially in areas with tight budgets or fiscal constraints, thus leading to a broader dialogue about the sustainability of funding firefighters' benefits in the long term. Overall, this bill tackles significant issues in financial governance and accountability of firefighter relief associations and aims to bridge the gaps identified by the state auditor.
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 recommendations; volunteer firefighters relief association provisions amended, 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
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.