HF4517 • 2026

Process to change the investment return assumption for computing joint and survivor annuities that has been approved or deemed approved to be included in the appendix to the standards for actuarial work established.

Passed Legislature

This bill passed both chambers and reached final enrollment, even if later executive action is not shown here.

Sponsor: Lillie
Last action: 2026-03-23
Official status: Introduction and first reading, referred to State Government Finance and Policy
Effective date: Not listed

Plain English Breakdown

Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.

Process to change the investment return assumption for computing joint and survivor annuities that has been approved or deemed approved to be included in the appendix to the standards for actuarial work established.

What This Bill Does

Process to change the investment return assumption for computing joint and survivor annuities that has been approved or deemed approved to be included in the appendix to the standards for actuarial work established.

Limits and Unknowns

This entry is temporarily using official source text because the generated explanation could not be confirmed against the official bill text during the last sync.

Bill History

2026-03-23 House
Introduction and first reading, referred to State Government Finance and Policy

Official Summary Text

Process to change the investment return assumption for computing joint and survivor annuities that has been approved or deemed approved to be included in the appendix to the standards for actuarial work established.

Current Bill Text

Read the full stored bill text

A bill for an act

relating to retirement; establishing a process to change the investment return

assumption for computing joint and survivor annuities; requiring an investment

return assumption for computing joint and survivor annuities that has been approved

or deemed approved to be included in the appendix to the standards for actuarial

work; amending Minnesota Statutes 2024, section 356.461, subdivision 1.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2024, section 356.461, subdivision 1, is amended to read:

Subdivision 1.

Joint and survivor annuity computation.

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(a)
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Notwithstanding any

provision of section
356.215, subdivision 8
, or
356.415
to the contrary, for purposes of

computing joint and survivor annuities
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under each covered retirement plan in subdivision

2
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, the applicable investment return assumption is 6.5 percent
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unless a different percentage

has been approved or deemed approved under paragraph (b) for the covered retirement plan
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.

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(b) A change in the investment return assumption for computing joint and survivor

annuities may be proposed by the governing board of a covered retirement plan. The

assumption may be changed only with the approval of the Legislative Commission on

Pensions and Retirement or after a period of one year has elapsed since the date on which

the proposed assumption change was received by the Legislative Commission on Pensions

and Retirement without commission action.

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(c) The executive director of the Legislative Commission on Pensions and Retirement

must update the appendix to the standards for actuarial work whenever a change in the

assumption is approved or deemed approved.

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EFFECTIVE DATE.

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This section is effective July 1, 2026.

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