Minnesota Public Employees Retirement Association

The Board of Trustees meeting included discussions and updates on various topics. An update was provided on the Probation Officers and 911 Telecommunicator Workgroup, including key perspectives in developing a new pension plan and an overview of PERA's Combined Service Annuity (CSA) provisions. The board discussed PERA's role in withholding life insurance premiums for retired members participating in the voluntary NCPERS plan, and a motion was passed to withdraw from withholding the life insurance program premiums. There was a report from Trustee Green on recent conferences attended, covering cybersecurity, generative AI, and the use of Ozempic for weight management during retirement. Updates were given on the co-tenancy agreement and plans to issue an RFP for a security consultant to evaluate building security procedures. The board also discussed an appeal in the matter of the Police and Fire Plan Duty Disability Benefit Application of Shana Stoler, as well as updates on the modernization project and Attorney General litigation.

The Board of Trustees meeting included updates on the 2025 Legislative Agenda, which featured changes to PERA plans, including privatization withdrawal liability, a general plan postretirement formula increase, and modifications to the amortization methodology. The board also discussed industry administrative cost benchmark data, comparing PERA's cost per member to other retirement systems. A communications update was presented, highlighting strategic changes to newsletter distribution and the newly redesigned website. An Attorney General Litigation Update was provided.

The meeting addressed the FY 2026 administrative budget, including expenditures for staff salaries, supplies and services, and capital costs. Updates were provided on the PERA legislative initiatives, covering topics such as the General Plan postretirement formula increase, privatization withdrawal liability, amortization methodology, and administrative bill. Updates on stakeholder legislative initiatives were also discussed, including probation officers, fire and police member/retiree organizations, and correctional officer retiree association matters. An Attorney General litigation update was provided as well.

The Board of Trustees meeting of the Public Employees Retirement Association convened to discuss various topics. Key discussions included an overview of the previous fiscal year and an update on the current status of the combined funds, an update on the SBI's climate roadmap, the final actuarial valuation reports as of July 1, 2024, for the General Employees, Police & Fire, and Local Government Correctional plans, an analysis of the impact of overtime on pension benefits for the Police and Fire Plan, along with an overtime salary analysis, PERA's 2025 Legislative Initiatives, Stakeholder 2025 Legislative Initiatives, Amortization Work Group Recommendation, Future Budget Considerations, Trustee Education Reporting, Facilities Management Committee Update, Public Pension Coordinating Council Recognition Award for Administration 2024, Certificate of Achievement for Excellence in Financial Reporting and Award for Outstanding Achievement in Popular Annual Financial Reporting, Board Recognition for Retiring PERA Board Trustee, Attorney General Litigation Update, ED Performance Review.

The Board discussed a combined service annuity study, focusing on actuarial assumption changes recommended by VIA for the CSA and CBM loads used in the PERA plan actuarial valuations. Legislative updates included financial incentives for fire departments joining the PERA Statewide Volunteer Firefighter Plan and a legislative initiative for the General Plan related to the postretirement increase. The Board discussed and opposed a stakeholder initiative establishing earlier unreduced retirement provisions within the General Plan for probation officers. An Attorney General litigation update related to the Minnesota Duty Disabled Association v. PERA was provided.