This bill pertains to retirement regulations in Minnesota and implements recommendations from the State Auditor’s Fire Relief Association Working Group. It amends several sections of the Minnesota Statutes (2024) related to firefighters' relief associations.

Key Provisions:

1. Financial Statement Requirements:

   • Fire relief associations that do not file a financial report and audit must prepare a detailed financial statement for the previous fiscal year.
   • The financial statement must list sources of income, disbursements, remaining funds, assets (including investments), liabilities, and other financial records.

2. Certification and Oversight:

   • The financial statement must be certified by a Certified Public Accountant (CPA) with at least five years of experience or by the State Auditor.
   • The CPA must not be an active, inactive, or retired member of the relief association or fire department.

3. Countersignature Requirement:

   • The document must be countersigned by an appropriate municipal or county official, depending on the jurisdiction of the fire relief association.

4. Submission Deadline:

   • The certified financial statement must be submitted to the State Auditor by June 30 following the end of the fiscal year.

5. Auditor's Reporting Obligation:

   • Any CPA or auditor performing the financial review must comply with reporting requirements under Minnesota Statute section 6.67.

Repeal:

• The bill also repeals Minnesota Statutes 2024, section 424A.015, subdivision 5, which may relate to previous financial reporting provisions.

Summary:

This legislation strengthens financial oversight and transparency for firefighters' relief associations by mandating detailed financial statements, requiring independent certification, and setting strict reporting deadlines.