On Wednesday, Aug. 12, the Legislative Commission on Pensions and Retirement (LCPR) will hold a public meeting in Bemidji to discuss the current state of Minnesota's public employee pension plans. The meeting will be held in the council chambers of Bemidji City Hall starting at 11 a.m.
The LCPR is a joint agency of the Minnesota Legislature which reviews and makes recommendations to standing legislative committees on pending proposed public pension legislation, and provides oversight for Minnesota's system of over 700 public employee pension plans. This includes retirement plans for: state and local government employees; police and firefighters; state patrol officers; judges; legislators; military affairs personnel; and public school teachers.
The Bemidji hearing will be the first time in many years the LCPR has met outside of the State Capitol in St. Paul. Responding to questions and concerns from current and former state employees about how the economic downturn would affect the stability of the state’s public employee pension plans, commission members decided it would be appropriate to take one of its regular interim meetings and hold it in an area that would be easy for retirees to attend. Sen. Mary Olson, DFL-Bemidji, who serves on the LCPR, suggested the commission hold a hearing in Bemidji, because the area is home to many retired state employees.
“Given the condition of the financial markets, retirees are justifiably concerned about the health of their pensions and retirement accounts,” said Sen. Olson. “While the state’s public pension funds have been conservatively managed and, overall, are performing better than the markets as a whole, the high number of retirees who choose to live in north-central Minnesota makes this issue especially important in our region. I’m pleased the commission chose to visit Bemidji, because it is important that current and retired public employees learn about the challenges facing our retirement system, and have an opportunity to ask questions about their plans to the state’s financial experts.”
The commission is comprised of five members each from both the Minnesota House and Senate. Members include: Sen. Don Betzold, DFL-Fridley, chair; Sen. Ann Lynch, DFL-Rochester; Sen. Olson; Sen. Sandy Pappas, DFL-St. Paul; Sen. Julie Rosen, R-Fairmont; Rep. Mary Murphy, DFL-Hermantown, vice chair; Rep. Phyllis Kahn, DFL-Minneapolis; Rep. Michael Nelson, DFL-Brooklyn Park; Rep. Steve Smith, R-Mound; and Rep. Paul Thissen, DFL-Minneapolis.
A detailed agenda of the commission’s meeting will be released in coming weeks. The meeting will also be televised for those unable to attend.
