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MinnesotaHF 390094th Legislature, 2025-2026HouseWALLET

Permanent school fund investment, management, and distribution policy modified; and constitutional amendment proposed.

Sponsored By: Spencer Igo (Republican)

Became Law

Education FinanceRules and Administration for comparison with SF3593

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 1 benefits, 0 costs, 0 mixed.

Minnesota school fund gets new rules

The law puts a school fund constitutional amendment on Minnesota’s ballot at the 2026 state general election. Voter approval is required for the new fund rules to take effect. The amendment protects the fund’s principal permanently and requires distributions to preserve buying power while balancing current and future school needs. Losses not covered by gains can be repaid from future earnings. With voter approval, beginning January 1, 2027, annual distributable earnings equal 4.5% of the fund’s average year-end net asset value over the prior three fiscal years. These earnings are credited to the permanent school fund and transferred to the school endowment fund as needed for school district payments. After each fiscal year, the director must report total distributable earnings to the Legislative Permanent School Fund Commission and Minnesota’s education commissioner.

Sponsors & Cosponsors

Sponsor

  • Spencer Igo

    Republican • House

Cosponsors

  • Ben Bakeberg

    Republican • House

  • Peggy Bennett

    Republican • House

  • John Burkel

    Republican • House

  • Mary Frances Clardy

    Democratic • House

  • Greg Davids

    Republican • House

  • Steve Gander

    Republican • House

  • Julie Greene

    Democratic • House

  • Rick Hansen

    Democratic • House

  • Bobbie Harder

    Republican • House

  • Ron Kresha

    Republican • House

  • Kunesh

    Affiliation unavailable

  • Patricia Mueller

    Republican • House

  • Andrew Myers

    Republican • House

  • Tim O'Driscoll

    Republican • House

  • Lucy Rehm

    Democratic • House

  • Roger Skraba

    Republican • House

  • Chris Swedzinski

    Republican • House

  • Bianca Virnig

    Democratic • House

  • Cal Warwas

    Republican • House

  • Cheryl Youakim

    Democratic • House

  • Natalie Zeleznikar

    Republican • House

Roll Call Votes

All Roll Calls

Yes: 518 • No: 148

House vote • 5/16/2026

Repassage, as amended by the Conference

Yes: 134 • No: 0

Senate vote • 5/16/2026

Adoption of the Lucero motion to reject the recommendations and Conference Committee Report on H.F. No. 3900

Yes: 33 • No: 34

Senate vote • 5/16/2026

Adoption of the Kunesh motion that the foregoing recommendations and Conference Committee report on H.F. No. 3900 be now adopted, and that the bill be repassed as amended by the Conference Committee

Yes: 38 • No: 29

Senate vote • 5/16/2026

Third Reading

Yes: 43 • No: 24

Senate vote • 5/16/2026

Appeal of the President's ruling: Shall the decision of the President be the judgment of the Senate?

Yes: 44 • No: 20

Senate vote • 5/7/2026

Amendment: Duckworth (A-2) amendment

Yes: 34 • No: 33

Senate vote • 5/7/2026

Third Reading

Yes: 59 • No: 8

House vote • 5/4/2026

Passage, as amended

Yes: 133 • No: 0

Actions Timeline

  1. Secretary of State Chapter 114

    5/26/2026Senate

  2. Governor's action Approval

    5/26/2026Senate

  3. Presentment date

    5/20/2026Senate

  4. Third Reading Repassed vote: 43-24

    5/16/2026Senate

  5. Senate adopted CC report and repassed bill vote: 38-29

    5/16/2026Senate

  6. Motion to reject CC report, did not prevail vote: 33-34

    5/16/2026Senate

  7. Conference committee reportc

    5/16/2026Senate

  8. House adopted HCC report and repassed bill

    5/16/2026Senate

  9. Senate adopted conference committee report, bill repassed

    5/16/2026House

  10. Bill was repassed as amended by Conference vote: 134-0

    5/16/2026House

  11. Third reading as amended by Conference

    5/16/2026House

  12. House adopted conference committee report

    5/16/2026House

  13. Conference committee reportc

    5/16/2026House

  14. Senate conferees Kunesh; Hemmingsen-Jaeger; Cwodzinski; Farnsworth

    5/12/2026Senate

  15. Senate accedes, CC be appointed

    5/12/2026Senate

  16. House conferees Igo; O'Driscoll; Long; Youakim

    5/12/2026Senate

  17. House not concur, conference committee requested

    5/12/2026Senate

  18. Senate conferees Kunesh, Hemmingsen-Jaeger, Cwodzinski, and Farnsworth

    5/12/2026House

  19. Senate accedes, conference committee of 4 be appointed

    5/12/2026House

  20. House conferees Igo, O'Driscoll, Long, and Youakim

    5/11/2026House

  21. House refuses to concur, conference committee of 4 requested

    5/11/2026House

  22. Returned from Senate with amendment

    5/11/2026House

  23. Third reading Passed as amended vote: 59-8

    5/7/2026Senate

  24. Amendeda

    5/7/2026Senate

  25. Special Order: Rule 45 amendment stricken

    5/7/2026Senate

Bill Text

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