Purpose of the Bill

The bill aims to eliminate a specific reporting requirement related to investments made by firefighter relief associations and other pension plans in Minnesota. This is intended to streamline administrative processes and reduce unnecessary paperwork.

Main Provisions

• The bill repeals the requirement for the annual disclosure of investment business recipients. This means that firefighter relief associations and the State Board of Investment would no longer need to list and disclose, in writing, who receives investment business from their financial activities.
• The requirement currently mandates that these disclosures be made public and filed with the Legislative Commission on Pensions and Retirement within 90 days after the fiscal year ends.

Significant Changes to Existing Law

• By repealing section 356A.06, subdivision 5, the bill removes the obligation for pension plans to annually disclose the allocation of investment commissions and business. This is anticipated to reduce the administrative burden on those managing firefighter relief associations and other pension funds.

Relevant Terms

investment disclosure, firefighter relief associations, pension plans, investment business recipient, administrative burden, State Board of Investment