Motion LCPR17-M3

… moves moves that the Legislative Commission on Pensions and Retirement ("LCPR") approve the changes in payroll and salary assumptions, pursuant to Minnesota Statutes, Section 356.215, subdivision 18, as recommended by the actuary for the Minnesota State Retirement System (MSRS), the Public Employees Retirement Association (PERA), and the St. Paul Teachers Retirement Fund Association (SPTRFA) and adopted by the respective board of directors or board of trustees for each system, effective beginning with the actuarial valuation as of July 1, 2017, for the following plans:

• MSRS-administered plans:
  • State Employees Retirement Fund
  • Correctional Employees Retirement Fund
  • State Patrol Retirement Fund
• PERA-administered plans:
  • General Employee Retirement Plan
  • Public Employees Police and Fire Fund
  • Local Government Correctional Service Retirement Plan
• SPTRFA

In support of this motion, the LCPR acknowledges receipt of the following:

• Letter from the executive directors of MSRS, PERA, and SPTRFA, dated May 9, 2017, to the members of the LCPR
• Letter from GRS Retirement Consulting to the executive directors, dated May 9, 2017, and attached Exhibit A

The foregoing approval by the LCPR shall take effect only if legislation introduced during the 2017 session, which lowers the investment rate of return for each of the plans to 7.5%, is enacted.