Public Employees Retirement Association statewide volunteer firefighter plan; Maple Plain fire department procedures for terminating participation in statewide plan modified, and executive director required to allocate surplus plan assets over liabilities to Maple Plain firefighters in a two-stage allocation.

HF 3512 modifies the process for the Maple Plain fire department to terminate participation in Minnesota's statewide volunteer firefighter retirement plan. It requires the Public Employees Retirement Association (PERA) to distribute any surplus assets (assets exceeding liabilities) to departing Maple Plain firefighters in two stages: first, to those under age 50 based on their service years and the benefit they've earned, then to all departing firefighters proportionally. The bill also mandates that PERA invest the fire department's assets in low-risk investments until distribution is complete. This law applies exclusively to Maple Plain firefighters terminating their plan participation.