Legislative Pension Commission Convenes

The Legislative Commission on Pensions and Retirement (LCPR) convened for the first time Tuesday evening. Senator Julie Rosen was elected chair of the commission and is joined by five senators and six House members to manage public pension plans. The commission heard overviews from the State Board of Investment, which invests public pension funds, and Deloitte, who is Minnesota’s lead actuarial firm.

MMB Commissioner Myron Frans presented Governor Dayton’s Blue Ribbon Panel on Pension Reform recommendations. The panel’s findings recommend lowering the assumed investment return to 7.5% for all plans, increasing pension funding for state agencies and other employers at the state level, and moving forward on mechanisms to reduce risk within the plans.