Before 1957, no state law required any actuarial reporting regarding Minnesota public pension plans.

Regular Minnesota public pension plan reporting was first required in 1965, with the actuarial valuations prepared by the consulting actuaries retained by the plans.

Since 1984, actuarial reporting on the major and statewide Minnesota public pension plans is required to be prepared by the consulting actuary retained by the Legislative Commission On Pensions and Retirement.

Actuarial reporting requirements and major economic assumptions are largely prescribed in statute. The statutory regulation of actuarial work is augmented by the Standards for Actuarial Work adopted by the Commission. Additional demographic actuarial assumptions are adopted by the plan governing boards, subject to Commission approval.

Actuarial reporting prepared by the Commission-retained actuary is reviewed or supplemented by the consulting actuaries retained by the various plans.

The cost to the Legislative Commission on Pensions and Retirement for the regular pension plan actuarial reporting prepared by Commission-retained actuary is recouped from the various statewide and major pension plans.

Actuarial reporting is intended to assess the adequacy of the total non-investment revenue financial support of the pension plan compared with calculated annual actuarial funding requirements of the pension plan, to assess the extent of conformance with the selected budgetary actuarial method for accumulating financial reserves for pension liabilities, and to provide required actuarial disclosure for governmental accounting purposes.