State Auditor's Working Group (July and August 2023 Meetings)
The Fire Relief Association Working Group met on July 26 and August 16. Working Group members reviewed pending legislative proposals previously adopted by the Working Group but not yet enacted by the Legislature.
Working Group members discussed a topic raised by legislative staff related to member contributions deposited into a relief association’s special fund, and whether depositing these contributions in the special fund could pose tax issues. Working Group members also discussed the method of allocating investment returns to deferred member accounts, and benefit and reporting requirements that apply if a relief association is involuntarily dissolved. Discussion on these topics will be continued during the next meeting.
Working Group meetings are scheduled for September 20, and October 4. Both meetings will be held from 2:00 pm to 3:30 pm, and will be held in a hybrid for-mat with options to attend in-person at our office in Saint Paul or remotely via Teams. Agendas and materials, links to watch meeting livestreams, and recordings of meetings are posted on the OSA website.
Published last in the August 2023 Pension Newsletter