Bill
SF 3454
SF 3454 repeals the annual disclosure by firefighter relief associations of investment recipients, reducing admin work with no new reporting requirements.
SF 3454 — Investment business recipient disclosure annual reporting requirement repeal for firefighter relief associations
Overview
SF 3454 would repeal the existing annual reporting requirement related to investment business recipients that applies to firefighter relief associations (FRAs) in Minnesota. In other words, the bill would remove the statutory obligation for FRAs to disclose certain information about entities receiving investment-related services, as part of annual reports or disclosures.
What the bill would do
- Repeal: The bill eliminates the current annual disclosure/reporting obligation for firefighter relief associations regarding investment business recipients.
- No new reporting: The measure does not add or replace the removed requirement with any new reporting mandate or transparency provision.
- Scope: The change targets firefighter relief associations and their investment-related disclosures; it does not specify changes to other FRA provisions beyond the repealed reporting requirement.
Who would be affected
- Primary: Minnesota firefighter relief associations (FRAs), which would no longer be obligated to provide the annual disclosure about investment business recipients.
- Potential indirect effects: Investment managers or other entities identified as “investment business recipients” under the repealed rule might see changes in reporting interactions with FRAs; the broader framework governing FRA investments remains unchanged unless other provisions are amended.
Procedural and timeline notes
- Introduction: SF 3454 was introduced on April 28, 2025.
- Initial action: The bill was read for the first time and referred to the State and Local Government committee on the same day (April 28, 2025).
- Status: Referred to State and Local Government; no further committee actions or floor votes are described in the provided information.
Related legislation
- Companion bill: HF 3278 (House of Representatives).
Potential impacts and considerations
- Administrative relief: By repealing the annual disclosure requirement, FRAs would likely experience reduced administrative workload and compliance costs associated with these disclosures.
- Transparency implications: The repeal removes a mechanism for public or legislative visibility into FRA investment relationships with certain recipients; the net effect on transparency depends on the scope and purpose of the original disclosure requirement.
- Fiscal effects: Any savings to FRAs would be internal and not necessarily reflected in state fiscal notes unless the underlying statute previously imposed costs on reporting entities.
Next steps
- If advancing, SF 3454 would proceed through committee hearings and potential floor votes in the Minnesota Senate, with the companion HF 3278 moving through the House in parallel.
Compiled from official sources — confirm details with the bill’s official record.
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