Plain English Breakdown
The plain English breakdown is still being put together. The official documents below are already here.
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.
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.
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. new text begin (a) new text end Notwithstanding any provision of section 356.215, subdivision 8 , or 356.415 to the contrary, for purposes of computing joint and survivor annuities new text begin under each covered retirement plan in subdivision 2 new text end , the applicable investment return assumption is 6.5 percent new text begin unless a different percentage has been approved or deemed approved under paragraph (b) for the covered retirement plan new text end . new text begin (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. new text end new text begin (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. new text end new text begin EFFECTIVE DATE. new text end new text begin This section is effective July 1, 2026. new text end