Minnesota SF3453 modifies the method for amortizing unfunded liabilities and defines standards for actuarial work.

Minnesota SF3453 amends the method for amortizing unfunded liabilities in various retirement plans, including the general employees retirement plan, teachers retirement plan, and correctional state employees retirement plan. The bill sets the established date for full funding at June 30, 2048, for these plans. It also introduces a definition for "standards for actuarial work" and mandates that actuarial valuations and experience studies be prepared according to these standards.

Minnesota SF3453 modifies the method for amortizing unfunded liabilities and defines standards for actuarial work.

Minnesota SF3453 amends the method for amortizing unfunded liabilities in various retirement plans, including the general employees retirement plan, teachers retirement plan, and correctional state employees retirement plan. The bill sets the established date for full funding at June 30, 2048, for these plans. It also introduces a definition for "standards for actuarial work" and mandates that actuarial valuations and experience studies be prepared according to these standards.