SF1556

The bill S.F. No. 1556 aims to modify the composition of the board of trustees for the Public Employees Retirement Association in Minnesota. Specifically, it proposes to increase the number of board members from 11 to 12. The new addition would specifically represent the local government correctional service retirement plan. This change means that there would now be six members elected by the membership of the association, including representatives of the police and fire fund plan, local government correctional services, and a former public employee receiving retirement benefits. The election process and terms of these board members are also outlined, including the nomination process, election procedures, and reporting of campaign finances. This amendment is designed to ensure that various stakeholder interests, especially those from different public service backgrounds, are adequately represented in the management of the retirement association.