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

The bill amends Minnesota Statutes to establish a process for changing the investment return assumption used in computing joint and survivor annuities for covered retirement plans. A change may be proposed by the governing board of a retirement plan and requires approval from the Legislative Commission on Pensions and Retirement or a one-year waiting period if no action is taken. The executive director of the commission must update the standards for actuarial work with the new assumption if approved. The change takes effect July 1, 2026.

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

The bill amends Minnesota Statutes to establish a process for changing the investment return assumption used in computing joint and survivor annuities for covered retirement plans. A change may be proposed by the governing board of a retirement plan and requires approval from the Legislative Commission on Pensions and Retirement or a one-year waiting period if no action is taken. The executive director of the commission must update the standards for actuarial work with the new assumption if approved. The change takes effect July 1, 2026.