Minnesota HF4724 phases in shorter vesting schedules for firefighters' defined contribution and benefit relief associations.

Minnesota HF4724 amends the vesting schedules for firefighters' defined contribution and defined benefit relief associations. It phases in shorter vesting schedules, reducing the years of active service required for full vesting. The bill sets specific vesting percentages based on years of service, starting with 40 percent after five years. It also limits the maximum years of service required for full vesting, reducing it from 20 years to 10 years by 2029. The changes apply to vesting schedules in the relief associations' articles of incorporation or bylaws.

Minnesota HF4724 phases in shorter vesting schedules for firefighters' defined contribution and benefit relief associations.

Minnesota HF4724 amends the vesting schedules for firefighters' defined contribution and defined benefit relief associations. It phases in shorter vesting schedules, reducing the years of active service required for full vesting. The bill sets specific vesting percentages based on years of service, starting with 40 percent after five years. It also limits the maximum years of service required for full vesting, reducing it from 20 years to 10 years by 2029. The changes apply to vesting schedules in the relief associations' articles of incorporation or bylaws.