Source: https://www.revisor.mn.gov/statutes/2018/cite/356.215
Timestamp: 2019-11-17 06:22:35
Document Index: 618991780

Matched Legal Cases: ['art 13', 'art 2', 'art 3', 'art 4', 'art 4', 'art 3', 'art 1', 'art 4', 'art 8', 'art 4', 'art 1', 'art 11', 'art 9', 'art 11', 'art 11', 'art 3', 'art 3', 'art 10', 'art 1', 'art 2', 'art 1', 'art 1', 'art 9', 'art 11', 'art 3', 'art 6', 'art 7', 'art 8', 'art 1', 'art 8', 'art 11', 'art 2', 'art 5', 'art 13', 'art 2', 'art 6', 'art 7', 'art 10', 'art 1', 'art 8', 'art 13', 'art 14', 'art 1', 'art 5']

(c) "Approved actuary" means:
(1) a person who is regularly engaged in the business of providing actuarial services and who is a fellow in the Society of Actuaries; or
(2) a firm that retains a person described in clause (1) on its staff.
Subd. 8.Actuarial assumptions.
(a) The actuarial valuation must use the applicable following investment return assumption:
plan investment return assumption
general state employees retirement plan 7.5%
correctional state employees retirement plan 7.5
State Patrol retirement plan 7.5
judges retirement plan 7.5
general public employees retirement plan 7.5
public employees police and fire retirement plan 7.5
local government correctional service retirement plan 7.5
teachers retirement plan 7.5
St. Paul teachers retirement plan 7.5
local monthly benefit volunteer firefighter relief associations 5
monthly benefit retirement plans in the statewide volunteer firefighter retirement plan 6
(b) The actuarial valuation for each of the covered retirement plans listed in section 356.415, subdivision 2, and the St. Paul Teachers Retirement Fund Association must take into account the postretirement adjustment rate or rates applicable to the plan as specified in section 354A.29, subdivision 7, or 356.415, whichever applies.
(c) The actuarial valuation must use the applicable salary increase and payroll growth assumptions found in the appendix to the standards for actuarial work adopted by the Legislative Commission on Pensions and Retirement pursuant to section 3.85, subdivision 10. The appendix must be updated whenever new assumptions have been approved or deemed approved under subdivision 18.
(d) The assumptions set forth in the appendix to the standards for actuarial work continue to apply, unless a different salary assumption or a different payroll increase assumption:
(a) Each plan's actuarial valuation must use assumptions concerning base mortality rates, disability, retirement, withdrawal, retirement age, and any other relevant demographic or economic factor. These assumptions must be set at levels consistent with those determined in the most recent quadrennial experience study completed under subdivision 16, if required, or as recommended by the plan's approved actuary, if a quadrennial experience study is not required.
(b) The actuarial valuation may use an assumption concerning future mortality improvement. This assumption may be set at levels consistent with those determined in the most recent mortality improvement scale published by the Society of Actuaries or as otherwise recommended by the plan's approved actuary.
(c) The actuarial valuation must contain an exhibit indicating the actuarial assumptions used in preparing the valuation report.
(a) In addition to the exhibit indicating the level normal cost, the actuarial valuation of the retirement plan must contain an exhibit for financial reporting purposes indicating the additional annual contribution sufficient to amortize the unfunded actuarial accrued liability and must contain an exhibit for contribution determination purposes indicating the additional contribution sufficient to amortize the unfunded actuarial accrued liability. For the retirement plans listed in subdivision 8, paragraph (c), but excluding the legislators retirement plan, the additional contribution must be calculated on a level percentage of covered payroll basis by the established date for full funding in effect when the valuation is prepared, assuming annual payroll growth at the applicable percentage rate set forth in subdivision 8, paragraph (d). For all other retirement plans and for the legislators retirement plan, the additional annual contribution must be calculated on a level annual dollar amount basis.
(b) For any retirement plan other than a retirement plan governed by paragraph (d), (e), (f), (g), (h), (i), or (j), if there has not been a change in the actuarial assumptions used for calculating the actuarial accrued liability of the fund, a change in the benefit plan governing annuities and benefits payable from the fund, a change in the actuarial cost method used in calculating the actuarial accrued liability of all or a portion of the fund, or a combination of the three, which change or changes by itself or by themselves without inclusion of any other items of increase or decrease produce a net increase in the unfunded actuarial accrued liability of the fund, the established date for full funding is the first actuarial valuation date occurring after June 1, 2020.
(d) For the general employees retirement plan of the Public Employees Retirement Association, the established date for full funding is June 30, 2048.
(e) For the Teachers Retirement Association, the established date for full funding is June 30, 2048.
(f) For the correctional state employees retirement plan and the State Patrol retirement plan of the Minnesota State Retirement System, the established date for full funding is June 30, 2048.
(g) For the judges retirement plan, the established date for full funding is June 30, 2048.
(h) For the local government correctional service retirement plan and the public employees police and fire retirement plan, the established date for full funding is June 30, 2048.
(i) For the St. Paul Teachers Retirement Fund Association, the established date for full funding is June 30, 2048.
(j) For the general state employees retirement plan of the Minnesota State Retirement System, the established date for full funding is June 30, 2048.
(a) The actuarial assumptions used for the preparation of actuarial valuations under this section that are other than the interest rate may be changed only with the approval of the Legislative Commission on Pensions and Retirement or after a period of one year has elapsed since the date on which the proposed assumption change or changes were received by the Legislative Commission on Pensions and Retirement without commission action.
(b) A change in the applicable actuarial assumptions may be proposed by the governing board of the applicable pension fund or relief association, by an actuary retained under section 356.214 or by the actuary retained by a local relief association governed by sections 424A.091 to 424A.096 or by Laws 2013, chapter 111, article 5, sections 31 to 42, if one is retained.
1975 c 192 s 3; 1978 c 563 s 9,10; 1979 c 184 s 1; 1981 c 224 s 169; 1984 c 564 s 43; 1Sp1985 c 7 s 27; 1986 c 359 s 26; 1986 c 458 s 20; 1987 c 259 s 55; 1989 c 319 art 13 s 90,91; 1991 c 199 art 2 s 24; 1991 c 269 art 3 s 3-19; 1991 c 345 art 4 s 3,4; 1993 c 336 art 4 s 1; 1993 c 352 s 7; 1995 c 141 art 3 s 14,15; 1997 c 233 art 1 s 57-59; 1997 c 241 art 4 s 1; 1998 c 390 art 8 s 2; 1999 c 222 art 4 s 14; 2000 c 461 art 1 s 3-6; 1Sp2001 c 10 art 11 s 18; 2002 c 392 art 9 s 1; art 11 s 7,53; 2004 c 223 s 7,8; 1Sp2005 c 8 art 11 s 2; 2006 c 271 art 3 sec 47; 2006 c 277 art 3 s 33,34; 2008 c 204 s 41; 2008 c 349 art 10 s 10-15; 2009 c 86 art 1 s 90; 2009 c 101 art 2 s 109; 2009 c 169 art 1 s 70,71; 2010 c 359 art 1 s 68,69; art 9 s 1; art 11 s 19,20; 1Sp2011 c 8 art 3 s 1; art 6 s 19; art 7 s 19; art 8 s 6,14; 2012 c 286 art 1 s 1-3; art 8 s 7; art 11 s 6; 2013 c 111 art 2 s 26,27; art 5 s 61,80; art 13 s 17; 2014 c 275 art 2 s 25; 2014 c 296 art 6 s 34,49; art 7 s 3; art 10 s 1,2; 2015 c 68 art 1 s 1; art 8 s 30; art 13 s 44,45; art 14 s 18; 2017 c 40 art 1 s 113; 2018 c 211 art 5 s 1-3