HF708

This legislative bill proposes changes to the management of the Public Employees Retirement Association (PERA) in Minnesota. It seeks to increase the number of board trustees from 11 to 12. This additional member will come from the local government correctional service retirement plan, enhancing representation for different groups within the retirement system.

The governor will continue appointing some trustees, including those representing school boards, cities, counties, a retiree, and a public member knowledgeable in pension matters. Additionally, the association's members (including retirees and beneficiaries) will elect six trustees, one of whom must be part of the local government correctional service.

Elections will be held annually with specific nomination and voting procedures, including the use of paper ballots, telephone, or electronic voting methods to maintain voter anonymity. Candidates who spend or receive over 100 dollars must disclose their campaign finances. These changes aim to improve representation and oversight within the board managing the pension funds for public employees in Minnesota.