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

Summary

It amends Minnesota statutes so that defined‑contribution and defined‑benefit firefighters’ relief associations can use faster vesting schedules. Starting now, members will become 100 % vested after 20 years, then 15 years, and eventually 10 years, with larger yearly percentage increases. Retiring members receive a pension based on the portion of their account that is vested under the new schedule.

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