Maple Plain firefighter retirement plan provisions modification

SF 3828 modifies the process for the Maple Plain Fire Department to leave Minnesota's statewide volunteer firefighter retirement plan. It requires the Public Employees Retirement Association (PERA) to invest the department's assets in low-risk investments after the bill's effective date and establishes a two-stage allocation of any surplus assets (assets exceeding liabilities) to departing firefighters. The first stage allocates surplus to firefighters under age 50 based on years of service and accrued benefits, while the second stage distributes remaining surplus proportionally among all departing firefighters. This bill directly affects Maple Plain Fire Department volunteer firefighters who are transitioning out of the statewide retirement plan.