Purpose of the Bill

The purpose of this bill is to repeal an existing requirement related to the transparency and reporting of investment business recipients by firefighter relief associations in the state of Minnesota.

Main Provisions

• The bill proposes to eliminate the requirement for annual disclosure reports by the chief administrative officer of pension plans and the executive director of the State Board of Investment.
• Previously, these reports needed to identify recipients of investment business or commissions, detailing interactions with banks, investment bankers, brokerage organizations, or other managers.
• This information was to be prepared and made publicly available within 60 days after the fiscal year-end and filed with the Legislative Commission on Pensions and Retirement within 90 days.

Significant Changes to Existing Law

• Repeal of Reporting Requirements: The bill repeals Minnesota Statutes 2024 section 356A.06 subdivision 5, effectively removing the obligation for public retirement plans and the State Board of Investment to disclose details of investment business recipients annually.
• This change would reduce administrative duties for the establishments involved and remove the transparency check previously placed on investment activities.

Relevant Terms

retirement firefighter relief associations, investment business recipient disclosure, annual reporting requirement, Minnesota Statutes, public inspection, fiscal year, Legislative Commission on Pensions and Retirement, State Board of Investment.