Phase in shorter vesting schedules for defined contribution and defined benefit firefighters relief associations

This bill changes how firefighters in Minnesota must earn the right to their full retirement pension by gradually shortening the number of years they need to work before becoming fully vested. It directly affects firefighters in both defined contribution and defined benefit retirement plans by updating the rules in their association bylaws. Currently, firefighters need 20 years of service to fully vest, but this bill phases that requirement down to 15 years by 2028 and then to 10 years by 2029. The changes also increase how quickly firefighters earn their pension rights each year they work, moving from 4 percent increments to 12 percent increments as the deadline approaches.