Shorter vesting schedules phased in for defined contribution and defined benefit firefighters relief associations.

This bill modifies retirement vesting rules for Minnesota firefighters relief associations, making it easier for members to earn full pension benefits over a shorter period. It establishes a phased schedule where firefighters will reach 100% vesting in 20 years by 2027, 15 years by 2029, and 10 years by 2030, with corresponding increases in how quickly they earn their pension rights each year. The changes apply to both defined contribution plans, where members build accounts, and defined benefit plans, where members earn pension amounts based on service. Firefighters covered by these retirement systems will see faster vesting timelines, meaning they can claim their full pension benefits after fewer years of service than previously required.