The 2018 Omnibus Pension Bill (S.F. 2620) passed the House of Representatives unanimously on the final day of the legislative session. Following passage in the House, the Senate concurred with some changes made to the bill affecting volunteer firefighters.
The bill is now headed to the Governor Dayton’s desk where he is expected to sign S.F. 2620 into law. Once signed, S.F. 2620 will become the largest pension reform legislation in the history of Minnesota, affecting pension benefits for more than 500,000 Minnesotans.
The changes in the bill fix funding deficiencies of more than $700 million in the General, Correctional, and State Patrol Retirement Plans caused by longer life expectancies. The bill also funds the more than $1 billion dollars needed to sustainably reduce the expected rate of return from 8.0% to 7.5%. The 2018 Omnibus Pension Bill ensures that the pension funds remain sustainable for the next generation of employees and retirees.
For more information about the bill, see the Omnibus Pension Bill Summary