Minnesota SF3355 expands retirement coverage for privatized public employees, revises withdrawal liability calculations, and updates annual reporting.

Minnesota SF3355 amends the Public Employees Retirement Association's coverage to include governmental subdivisions undergoing privatization. It modifies the method for calculating withdrawal liability and expands the annual reporting requirement. The bill also revises definitions related to privatization and adjusts the augmentation rates for privatized former public employees. Effective July 1, 2027, these changes ensure that privatized employees receive appropriate retirement benefits and that the association maintains updated records.

Minnesota SF3355 expands retirement coverage for privatized public employees, revises withdrawal liability calculations, and updates annual reporting.

Minnesota SF3355 amends the Public Employees Retirement Association's coverage to include governmental subdivisions undergoing privatization. It modifies the method for calculating withdrawal liability and expands the annual reporting requirement. The bill also revises definitions related to privatization and adjusts the augmentation rates for privatized former public employees. Effective July 1, 2027, these changes ensure that privatized employees receive appropriate retirement benefits and that the association maintains updated records.