SF3897 modifies the process for firefighter relief associations to terminate retirement plans.

SF3897 amends Minnesota Statutes to modify the process for firefighter relief associations to terminate retirement plans. The bill requires the board of trustees to determine the fair market value of assets, present value of accrued benefits, and administrative expenses. If there is a surplus, it must be allocated between the relief association and the affiliated municipality. The bill also mandates efforts to locate participants or beneficiaries who cannot be reached and outlines procedures for distributing retirement benefits, including options for annuities or lump-sum payments.

SF3897 modifies the process for firefighter relief associations to terminate retirement plans.

SF3897 amends Minnesota Statutes to modify the process for firefighter relief associations to terminate retirement plans. The bill requires the board of trustees to determine the fair market value of assets, present value of accrued benefits, and administrative expenses. If there is a surplus, it must be allocated between the relief association and the affiliated municipality. The bill also mandates efforts to locate participants or beneficiaries who cannot be reached and outlines procedures for distributing retirement benefits, including options for annuities or lump-sum payments.