Bill > SF1938

This bill makes several key changes to teacher retirement provisions in Minnesota: 1. It lowers the normal retirement age for teachers from 65 to 62, allowing them to retire at age 62 or with 35 years of service without any reduction in their retirement annuity. 2. It restores deferred annuities augmentation for teachers, allowing for higher annual increases to their deferred annuities. 3. It provides additional service credit for school employees, giving them two months of service credit for every one month worked during 2020-2022. 4. It modifies the postretirement adjustments for teachers, tying the increases to the federal Social Security cost-of-living adjustment rather than a fixed percentage. 5. It increases employer contributions to the teachers' retirement funds, with the employer contribution rate for coordinated members rising from 8.75% to 9% after June 30, 2023, and the rate for basic members rising from 12.75% to 13% over the same period. 6. It appropriates additional funding to school districts for the increased pension costs. The bill aims to provide more generous retirement benefits and greater financial security for teachers in Minnesota.

Military Affairs and Security

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF1938&ssn=0&y=2023