Method for amortizing unfunded liabilities modified, definition for standards for actuarial work added, and conforming changes made.

HF 3249 modifies how Minnesota's public retirement systems calculate and manage funding gaps (unfunded liabilities). It adds a specific definition for "Standards for actuarial work" to ensure consistency in financial calculations and updates related provisions in Minnesota Statutes. This bill directly affects state retirement systems (like teachers' and public employee pensions) and the actuaries who assess their financial health. The changes are procedural, clarifying technical methods for determining retirement fund obligations without altering benefit levels or funding requirements.