ST. PAUL – State Rep. Jordan Rasmusson, R-Fergus Falls, has accepted an appointment to serve on a state commission that oversees more than $83 billion in state pension assets.
Rasmusson recently was named to the Minnesota Legislative Commission on Pensions and Retirement. He said his selection is due to his business background and experience working with pension funds as an investment professional.
“This appointment is an excellent match for me as we take on the important challenge of ensuring our state pensions are solvent so workers receive the retirement funds they have worked hard for, while also protecting taxpayers from underfunded pension liabilities,” Rasmusson said.
The primary purpose of the LCPR is to consider and decide whether to recommend for passage legislation relating to the pension and defined contribution plans that provide retirement benefits for state, county, municipal, school district and other public employees across the state. Because the terms and conditions for benefits under these retirement plans are set forth in statute, legislation is required to make changes to benefits, adjust contribution levels, or enact measures to maintain the financial soundness of the plans.
A total of 14 legislators – seven each from the House and Senate – serve the LCPR. Rasmusson said he is the only member from west-central Minnesota to receive this appointment.
“I am happy to work as this area’s voice on this important subject,” Rasmusson said. “Responsible stewardship of our pensions is especially crucial as we strive to make wise decisions amid an aging workforce and the boom of retirements that already is occurring in our state. The numbers guy in me relishes the challenge and I look forward to helping this commission do good work.”
Rasmusson received the appointment from House Speaker Rep. Melissa Hortman, D-Brooklyn Park.