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03/11/15 10:04 AM PENSIONS LD H0298 -E1 2.1 Employees Retirement Association, good time service credit, accrued liability associated 2.2 with the good time service credit, a proportional share of relief association assets on 2.3 an institution -to -institution basis, and a proportional share of any net accounts payable 2.4 or receivable must be transferred from the Centennial Volunteer Firefighters Relief 2.5 Association to the applicable account in the voluntary statewide volunteer firefighter 2.6 retirement plan. The transferring good time service credit must be the years and months of 2.7 credit indicated in the firefighter's records in the Centennial Volunteer Firefighters Relief 2.8 Association on the date of transfer. The transferred accrued liability must be the liability 2.9 for the transferred good time service credit at the service pension level under Minnesota 2.10 Statutes, section 424A.092 or 424A.093, whichever applies, or under Minnesota Statutes, 2.11 section 353G.11, subdivision 1, whatever is applicable to the fire department successively 2.12 employing the firefighter. The transferred assets amount must be that portion of the market 2.13 value of the assets of the Centennial Volunteer Firefighters Relief Association as of the 2.14 December 31 preceding the transfer date detennined by expressing the total length of good 2.15 time service credit multiplied by the applicable multiple of the applicable liability table 2.16 factor in Minnesota Statutes, section 424A.092, subdivision 2, of all active and deferred 2.17 members of the Centennial Volunteer Firefighters Relief Association, adjusted for any 2.18 deferred member deferral period interest in a manner specified by the state auditor, and 2.19 applying that percentage to the asset market value. If there are any accounts payable or 22o accounts receivable as of the December 31 preceding the transfer date, the same percentage 2.21 as applicable to the asset transfer must be applied to the net accounts payable/receivable 2.22 amount, with the result deducted from or added to the ultimate transfer amount. Any 2.23 dispute about these transfer amounts must be referred for resolution to the state auditor. 2.24 (c) The transfer dates under this section are January 1, 2016, January 1, 2017, or ?.?5 January 1, 2018. 2.26 (d) The asset transfer under paragraph (b) must be made in cash unless the secretary 2.27 of the successor of the volunteer firefighter relief association or the executive director of 228 the State Board of Investment, whichever applies, determines that the transfer may be 229 made on an investment security basis, and if so determined, must be in the investment 2.30 security portfolio mix specified by the secretary of the successor of the volunteer firefighter 2.31 relief association or the executive director of the State Board of Investment. 2.32 (e) The transfer of good time service credit and accrued liability constitutes a 2.33 forfeiture of any claim by the transferring firefighter to any service pension or ancillary 2.34 benefit payment from the Centennial Volunteer Firefighters Relief Association as of the 2.35 transfer date and must be so reflected in any financial reporting of the Centennial Volunteer 2.36 Firefighters Relief Association as of the December 31 preceding the transfer date. Section 1. 2