Minnesota SF4767 phases in shorter vesting schedules for firefighters' retirement benefits.

Minnesota SF4767 amends the vesting schedules for defined contribution and defined benefit firefighters relief associations. It phases in shorter vesting schedules, reducing the years of active service required for full vesting. Starting January 1, 2028, firefighters will need only 15 years of active service to become 100 percent vested, down from 20 years. Starting January 1, 2029, the requirement will further reduce to 10 years of active service. The bill also adjusts the vesting increments for each completed year of active service.

Minnesota SF4767 phases in shorter vesting schedules for firefighters' retirement benefits.

Minnesota SF4767 amends the vesting schedules for defined contribution and defined benefit firefighters relief associations. It phases in shorter vesting schedules, reducing the years of active service required for full vesting. Starting January 1, 2028, firefighters will need only 15 years of active service to become 100 percent vested, down from 20 years. Starting January 1, 2029, the requirement will further reduce to 10 years of active service. The bill also adjusts the vesting increments for each completed year of active service.