Minnesota HF4517 establishes a process to change the investment return assumption for joint and survivor annuities in retirement plans.

Minnesota HF4517 amends the investment return assumption for computing joint and survivor annuities in covered retirement plans. The bill sets the default assumption at 6.5 percent unless otherwise approved. A change in the assumption can be proposed by the governing board of a retirement plan, but it requires approval from the Legislative Commission on Pensions and Retirement or must wait one year. The executive director of the commission must update the appendix to the standards for actuarial work whenever a change is approved or deemed approved. This change takes effect July 1, 2026.

Minnesota HF4517 establishes a process to change the investment return assumption for joint and survivor annuities in retirement plans.

Minnesota HF4517 amends the investment return assumption for computing joint and survivor annuities in covered retirement plans. The bill sets the default assumption at 6.5 percent unless otherwise approved. A change in the assumption can be proposed by the governing board of a retirement plan, but it requires approval from the Legislative Commission on Pensions and Retirement or must wait one year. The executive director of the commission must update the appendix to the standards for actuarial work whenever a change is approved or deemed approved. This change takes effect July 1, 2026.