Minneapolis is attempting to shift two closed pension plans for police and fire to state taxpayers via the PERA pension fund. (Police and Fire hired after mid-1980 are in PERA already.)  The upshot is that Minneapolis cannot afford the promises it has made to its police and fire members in these closed pensions funds. The parties (mostly retired members and their unions, the city, state legislators representing Minneapolis and PERA) are proposing a very generous deal in the last days of the session in order to off–load this burden on state taxpayers. (The legislation is subject to approval by all parties this fall.)

The Legislative Commission on Pensions and Retirement (LCPR) issued this general summary memo today in advance of the noon LCPR meeting. The LCPR agenda had been declared closed until last night (see story below).

We will be there to get clarification on this last minute legislation (along with any amendments) and provide you with our take on the bill. Hang on to your wallet!!

Here is the Strib article from this morning: Here is the quote of the day: ‘Younger active and retired police officers worry that the state plan won’t keep up with inflation over time. “I never expected to get rich on this pension,” Sauro said. “I never expected to get poor on this pension. I just expected to maintain my standard of living for the rest of my life.” ‘