A legislative commission with oversight of public pension plans and retirement issues and legislation; follow to receive updates on the LCPR and pension news.
St Paul, MN
Joined June 2017
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The LCPR will hold its next meeting on Mon., Oct. 30, at 5pm at the Duluth Courthouse. Legislators will take this opportunity to hear from members of the public on the topics of pension benefits for Minnesota's public employees and the work of the Commission. #mnleg
So much to learn about 403(b) arrangements and Dan Otter, a former teacher, and his website, 403bwise, can help: investmentnews.com/how-a-for… #mnleg
Forbes on North Dakota's decision to close its public employees' pension plan: "Severe challenges with recruitment and retention, increased costs, and less retirement security for public employees—it’s hard to see who wins from this decision in ND." forbes.com/sites/dandoonan/2… #mnleg
What grade does your school district's 403(b) program get in this rating system that looks at teacher access to unbiased information and at least one quality, low-cost investment choice (e.g. "F" for Anoka-Hennepin, "C" for Duluth, "A" for Minneapolis): 403bwise.org/blog/entry/blog…
Minnesota AG Ellison testified at the first meeting of the House Financial Services Committee's "ESG month" (see his statement under the Witnesses heading on yesterday's agenda):
docs.house.gov/Committee/Cal… #mnleg
Good news! 403(b)wise, a nonprofit monitoring the good and bad of 403(b) plans, has given an "A" rating to the vendors offered to teachers in the MSP Public School District--one 403(b) vendor, presumably vetted by the district, and one 457(b) vendor, MSRS. 403bwise.org/advocacy/distri…
Curious about the new MN program called Secure Choice, enacted at the end of the 2023 legislative session? See Senator Pappas on a panel on June 27th hosted by the Georgetown Center for Retirement Initiatives: mailchi.mp/georgetown/cri-em… #mnleg
Should fiscal notes include the cost of a benefit change to the pension plan? If so, should the pension plan's actuary prepare the cost assessment or an independent actuary retained by the legislature? Questions for MN arising from a NV lawsuit: thenevadaindependent.com/art… #mnleg
Minnesota is getting more national attention for the legislature's passage of the Secure Choice bill: plansponsor.com/2-more-state… #mnleg
MN Legislative Commission on Pensions & Retirement retweeted
Take a look at this great profile of our colleague in House Research, Matt Gehring!
Staff Snapshots is a #NCSLnews series created to highlight legislative staff and their role in the legislature. Today, we are spotlighting Matt Gehring, staff coordinator and attorney for the #MNleg House Research Department.
More: bit.ly/3W338wN #NCSLSnapshot
MN Legislative Commission on Pensions & Retirement retweeted
My tally of remaining #mnleg omnibus and major bills as of 6:30am 5/17.
Actuarial firm GRS provides an analysis of ND's decision to close out its public defined benefit plan and transition to a defined contribution plan for public employees: files.constantcontact.com/70… #mnleg
Legislation in ND to close its defined benefit plan for public employees (not including teachers) in favor of a DC plan on its way to the governor: bismarcktribune.com/news/sta… #mnleg
Really great interactive maps in this just published article on public pension plan underfunding: csg.org/2023/05/03/unfunded-… #mnleg
MN Legislative Commission on Pensions & Retirement retweeted
"Since switching from a defined benefit pension fund to a 401(k)-style defined contribution plan, Alaskan public employees have left their positions at an increased rate, according to data published by the National Institute on Retirement Security." ow.ly/1KEq50Ob2WT
Teacher pensions in MN: good overview, some history, and comparisons with neighboring states (and a look at Education Minnesota's retirement programs) in today's issue from the Center for Fiscal Excellence: fiscalexcellence.org/policy/… #mnleg
HF 1234/SF 1959: route-fifty.com/public-safet… #mnleg
MN Legislative Commission on Pensions & Retirement retweeted
Legislation in North Dakota that will close pension plans for public employees likely will have far-reaching unintended consequences. Other jurisdictions have learned this lesson the hard way. ow.ly/yUpe50NY4VR #retirement #NorthDakota #workforce #pensions #stateandlocal
MN pension plans periodically conduct experience studies to re-align actuarial assumptions with actual experience. From a national actuarial firm, here's why they are worth the time and money: buck.com/do-we-really-need-a… #mnleg
No COLA for retirees in PA's public pension plans in 20 years. Imagine that. MN's public pension plans have nearly always paid at least a 1% COLA. plansponsor.com/several-stat… #mnleg