Purpose of the Bill

The purpose of this bill is to simplify administrative processes for firefighter relief associations by repealing specific annual reporting requirements related to investment business disclosures.

Main Provisions

• Repeal of Reporting Requirement: The bill seeks to eliminate the requirement for annual disclosure of investment business recipients. This means that firefighter relief associations and the State Board of Investment will no longer need to prepare a written report detailing the recipients of investment business and commissions for public inspection.
• Affected Entities: The change impacts covered pension plans, the State Board of Investment, and organizations such as the St. Paul Teachers Retirement Fund Association.

Significant Changes to Existing Law

• This legislation repeals Minnesota Statutes 2024, section 356A.06, subdivision 5. Previously, pension plans had to submit an annual disclosure document listing investment business recipients to the executive director of the Legislative Commission on Pensions and Retirement. This repeal removes the necessity for such reports, streamlining operations and potentially reducing administrative burdens.

Relevant Terms

• Retirement firefighter relief associations
• Investment business recipient disclosure
• Minnesota Statutes 356A.06
• Pension plans
• State Board of Investment