Purpose of the Bill

The purpose of the bill is to repeal a specific reporting requirement related to firefighter relief associations' investments in the state of Minnesota. This requirement involves the annual disclosure of investment business recipients.

Main Provisions

• The bill seeks to eliminate the mandate for chief administrative officers of covered pension plans to annually prepare a disclosure document detailing the recipients of investment business, such as commercial banks and investment managers.
• This disclosure had to be prepared within 60 days after the end of the fiscal year and made publicly available for inspection.
• Additionally, the document was required to be filed with the executive director of the Legislative Commission on Pensions and Retirement within 90 days after the fiscal year ends.

Significant Changes to Existing Law

• Repeals Minnesota Statutes 2024, section 356A.06, subdivision 5, effectively removing the requirement for annual reporting and public disclosure of investment business recipients for certain pension plans including the State Board of Investment and St. Paul Teachers Retirement Fund Association.

Relevant Terms

• Retirement firefighter relief associations
• Investment business disclosure
• Pension plan
• State Board of Investment
• Legislative Commission on Pensions and Retirement
• Public inspection of investment disclosures