Process to change the investment return assumption for computing joint and survivor annuities that has been approved or deemed approved to be included in the appendix to the standards for actuarial work established.

This bill establishes a formal process for updating the investment return assumption used to calculate joint and survivor annuities in Minnesota's covered retirement plans. It sets a default assumption of 6.5 percent but allows retirement plan governing boards to propose different percentages, which must be approved by the Legislative Commission on Pensions and Retirement or deemed approved after one year without commission action. The executive director of the commission is required to update the official actuarial standards appendix whenever an assumption change is approved or deemed approved. The law takes effect on July 1, 2026, and directly affects retirement plan administrators and the state's pension commission.