Subd. 1. Report required.

The governing or managing board or administrative officials of the public pension and retirement funds enumerated in subdivision 2 shall annually prepare and file a financial report following the close of each fiscal year. This requirement shall also apply to any fund which may be a successor to any organization so enumerated or to any newly formed retirement fund or association operating under the control or supervision of any public employee group, governmental unit, or institution receiving a portion of its support through legislative appropriations. The report shall be prepared under the supervision and at the direction of the management of each fund and shall be signed by the presiding officer of the managing board of the fund and the chief administrative official of the fund.

Subd. 2. Covered public pension funds.

This section applies to the following public pension plans:

1. (1) State employees retirement fund.
2. (2) Public employees retirement fund.
3. (3) Teachers retirement association.
4. (4) State patrol retirement fund.
5. (5) Minneapolis teachers retirement fund association.
6. (6) St. Paul teachers retirement fund association.
7. (7) Duluth teachers retirement fund association.
8. (8) Minneapolis employees retirement fund.
9. (9) University of Minnesota faculty retirement plan.
10. (10) University of Minnesota faculty supplemental retirement plan.
11. (11) Judges retirement fund.
12. (12) Any police or firefighter's relief association enumerated in section 69.77, subdivision 1a, or 69.771, subdivision 1.
13. (13) Public employees police and fire fund.
14. (14) Minnesota state retirement system correctional officers retirement fund.
15. (15) Public employees local government correctional service retirement plan.

Subd. 3. Filing requirement.

The financial report is a public record. A copy of the report or a synopsis of the report containing the information required by this section shall be distributed annually to each member of the fund and to the governing body of each governmental subdivision of the state which makes employers contributions thereto or in whose behalf taxes are levied for the employers' contribution. A signed copy of the report shall be delivered to the executive director of the legislative commission on pensions and retirement and to the legislative reference library not later than six months after the close of each fiscal year or one month following the completion and delivery to the retirement fund of the actuarial valuation report of the fund by the actuary retained by the legislative commission on pensions and retirement, if applicable, whichever is later.

Subd. 4. Contents of financial report.

The financial report required by this section must contain financial statements and disclosures that indicate the financial operations and position of the retirement plan and fund. The report must conform with generally accepted governmental accounting principles, applied on a consistent basis. The report must be audited. The report must include, as part of its exhibits or footnotes, an actuarial disclosure item based on the actuarial valuation calculations prepared by the commission-retained actuary or by the actuary retained by the retirement fund or plan, if applicable, according to applicable actuarial requirements enumerated in section 356.215, and specified in the most recent standards for actuarial work adopted by the legislative commission on pensions and retirement. The accrued assets, the accrued liabilities, including accrued reserves, and the unfunded actuarial accrued liability of the fund or plan must be disclosed. The disclosure item must contain a declaration by the actuary retained by the legislative commission on pensions and retirement or the actuary retained by the fund or plan, whichever applies, specifying that the required reserves for any retirement, disability, or survivor benefits provided under a benefit formula are computed in accordance with the entry age actuarial cost method and with the most recent applicable standards for actuarial work adopted by the legislative commission on pensions and retirement.

1. (a) Assets of the fund or plan contained in the disclosure item must include the following statement of the actuarial value of current assets as defined in section 356.215, subdivision 1:

   Value Value

   at cost at market

   Cash, cash equivalents, and

   short-term securities ......... .........

   Accounts receivable ......... .........

   Accrued investment income ......... .........

   Fixed income investments ......... .........

   Equity investments other

   than real estate ......... .........

   Real estate investments ......... .........

   Equipment ......... .........

   Equity in the Minnesota

   postretirement investment

   fund ......... .........

   Other ......... .........

   Total assets

   Value at cost .........

   Value at market .........

   Value of current assets .........

2. (b) The unfunded actuarial accrued liability of the fund or plan contained in the disclosure item must include the following measures of unfunded actuarial accrued liability, using the value of current assets:

   1. (1) unfunded actuarial accrued liability, determined by subtracting the current assets and the present value of future normal costs from the total current and expected future benefit obligations; and

   2. (2) unfunded pension benefit obligation, determined by subtracting the current assets from the actuarial present value of credited projected benefits.

      If the current assets of the fund or plan exceed the actuarial accrued liabilities, the excess must be disclosed and indicated as a surplus.

3. (c) The pension benefit obligations schedule included in the disclosure must contain the following information on the benefit obligations:

   1. (1) The pension benefit obligation, determined as the actuarial present value of credited projected benefits on account of service rendered to date, separately identified as follows:

      1. (i) For annuitants Retirement annuities Disability benefits Surviving spouse and child benefits (ii) For former members without vested rights (iii) For deferred annuitants' benefits, including any augmentation (iv) For active employees Accumulated employee contributions, including allocated investment income Employer-financed benefits vested Employer-financed benefits nonvested Total pension benefit obligation;
   2. (2) If there are additional benefits not appropriately covered by the foregoing items of benefit obligations, a separate identification of the obligation.
4. (d) Any additional statements or exhibits or more detailed or subdivided itemization of a disclosure item that will enable the management of the fund to portray a true interpretation of the fund's financial condition must be included in the additional statements or exhibits.

Subd. 4a. Financial report for police or firefighters relief association.

For any police or firefighter's relief association referred to in subdivision 2, clause (12), a financial report duly filed pursuant to and meeting the requirements of section 69.051 shall be deemed to have met the requirements of subdivision 4.

Subd. 5.

Repealed, 1984 c 383 s 5