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HF 3703

Process for firefighter relief associations to terminate retirement plan modified.

2025-2026 Regular Session Introduced by Pete Johnson and 4 co-sponsors

HF 3703 clarifies and standardizes how firefighter relief associations terminate or modify retirement plans, detailing steps, protections, and asset wind-down.

Author added Perryman
#fireandfirefighters #retirement-publicandstateemployees
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Bill Summary · HF 3703

Summary of HF 3703 (2025-2026) – Minnesota

Overview

HF 3703 proposes changes to the process by which firefighter relief associations terminate or modify retirement plans. The bill appears to be focused on clarifying and potentially streamlining the legal and administrative steps involved when a firefighter relief association decides to terminate its retirement plan or alter its terms. The action history shows introduction and referral to the State Government Finance and Policy committee, with several House sponsors added.

  • Session: 2025-2026
  • Jurisdiction: Minnesota
  • Title: Process for firefighter relief associations to terminate retirement plan modified
  • Current action: Introduced (1st reading) and referred to committee (as of 2026-02-25)
  • Sponsors:
    • Primary and co-sponsors include Leon Lillie, Tim O'Driscoll, Danny Nadeau, Bernie Perryman, Pete Johnson, with Perryman added as an author on 2026-03-02

Purpose and Intent

The bill aims to modify the procedural framework governing how firefighter relief associations can terminate a retirement plan or make changes to it. While the exact text is not provided here, the intended outcome is typically to:

  • Establish clear criteria or steps for terminating a retirement plan within a firefighter relief association
  • Define governance and notice requirements to protect benefits and inform participants
  • Align termination or modification procedures with relevant state statutes and fiduciary duties
  • Potentially address asset disposition, member rights, and post-termination benefits or wind-down processes

Key Provisions (Inferred Scope)

Though the full text is not provided, typical provisions in similar bills may include:

  • Term termination process: Step-by-step requirements for terminating a retirement plan, including governing board action, member notification, and public or regulatory review.
  • Valuation and asset disposition: Procedures for valuing plan assets, allocating assets to participants or alternative programs, and handling residual funds.
  • Benefit protections: Safeguards for accrued benefits, minimum benefit guarantees, and protections for current retirees and active members.
  • Fiduciary duties and governance: Requirements for prudent management, documentation, and potential changes to governance structures related to the termination.
  • Notification and communication: Timelines and methods for notifying members, retirees, and possibly public authorities about the termination or modification.
  • Regulatory compliance: Alignment with state retirement systems, pension laws, and any required filings with oversight agencies.
  • Transition provisions: Interim rules during wind-down, including handling of service credits, refunds, or transfers to other retirement plans.

Affected Parties

  • Firefighter relief associations that operate retirement plans or defined benefit-like arrangements.
  • Active firefighters and retirees who are members of these plans, as their benefits and rights could be impacted.
  • Board members, fiduciaries, and administrators responsible for managing the relief associations.
  • ** regulators and state authorities** overseeing public retirement systems and compliance.

Procedural and Timeline Considerations

  • The bill’s scheduling follows the standard Minnesota legislative process: introduction, committee referral (State Government Finance and Policy in this case), potential hearings, and amendments, with a path to floor debate and a vote.
  • If enacted, the bill would likely specify effective dates and transition timelines for associations implementing the new termination process, possibly including:
    • Required notices to members within a defined period
    • Deadlines for plan valuations and asset transfers
    • Sunset or phased implementation dates if applicable

Practical Implications and Considerations

  • For associations considering termination, the bill would offer a clearer, possibly more standardized pathway, which could affect planning, disclosure, and fiduciary oversight.
  • Retirees and active members may gain clearer protections or a more transparent wind-down process.
  • Municipalities and fire departments funding or supporting relief associations could face changes in administrative workload and potential financial implications during wind-down.

If you have access to the bill’s full text, I can provide a precise, clause-by-clause breakdown and map each provision to its practical impact.

Compiled from official sources — confirm details with the bill’s official record.

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