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MN HF4156
MN HF4156Teachers Retirement Association and St. Paul Teachers Retirement Fund Association; the rule of 90 reinstated.
summary
Introduced
03/10/2022
03/10/2022
In Committee
03/10/2022
03/10/2022
Crossed Over
Passed
Dead
05/23/2022
05/23/2022
Introduced Session
92nd Legislature 2021-2022
Bill Summary
A bill for an act relating to retirement; Teachers Retirement Association and St. Paul Teachers Retirement Fund Association; reinstating the rule of 90; amending Minnesota Statutes 2020, section 354.44, subdivision 6; Minnesota Statutes 2021 Supplement, section 354A.31, subdivision 7.
AI Summary
This bill reinstates the "rule of 90" for the Teachers Retirement Association (TRA) and the St. Paul Teachers Retirement Fund Association. The rule of 90 allows members who have a combined age and years of service totaling 90 or more to retire without any reduction to their retirement annuity, even if they are younger than the normal retirement age. The bill also makes changes to the early retirement reduction factors for members who do not qualify for the rule of 90, reducing the factors for members who retire before age 62 or with fewer than 30 years of service. These changes are effective July 1, 2022.
Committee Categories
Budget and Finance
Sponsors (13)
Bob Dettmer (R)*,
Tony Albright (R),
Matt Bliss (R),
Greg Boe (R),
Greg Davids (R),
Mary Franson (R),
Ron Kresha (R),
Patricia Mueller (R),
Jim Nash (R),
John Petersburg (R),
Tama Theis (R),
Paul Torkelson (R),
Dean Urdahl (R),
Last Action
Author added Franson (on 03/23/2022)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF4156&ssn=0&y=2021 |
| BillText | https://www.revisor.mn.gov/bills/text.php?number=HF4156&version=0&session=ls92&session_year=2022&session_number=0&format=pdf |
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