Amortizing unfunded liabilities method modification; standards definition for actuarial work establishment

This bill modifies how Minnesota calculates and spreads out pension system shortfalls (unfunded liabilities) over time. It directly affects state retirement systems by changing the method for amortizing these costs and adds a clear definition for "standards for actuarial work" that actuarial reports must follow. The key change is establishing specific rules for how pension funding calculations must be performed, including updated formulas for valuing assets and determining the annual contribution needed. This affects state agencies managing public employee pensions and the actuaries who produce the required financial reports.