Bill
Bill > HF2222
MN HF2222
Teacher Retirement Association and St. Paul Teacher Retirement Fund Association; unreduced retirement requirements amended, deferred annuities augmentation restored, additional service credit provided, postretirement adjustments modified, employer contributions increased, pension adjustment revenue increased for school districts, and money appropriated.
summary
Introduced
02/27/2023
02/27/2023
In Committee
02/27/2023
02/27/2023
Crossed Over
Passed
Dead
05/20/2024
05/20/2024
Introduced Session
93rd Legislature 2023-2024
Bill Summary
A bill for an act relating to retirement; Teachers Retirement Association and St. Paul Teachers Retirement Fund Association; providing for unreduced retirement at age 62 or with 35 years of service; restoring deferred annuities augmentation for teachers; providing additional service credit for school employees; modifying postretirement adjustments to tie increases to inflation; increasing employer contributions; increasing the pension adjustment revenue for school districts; appropriating money; amending Minnesota Statutes 2022, sections 126C.10, subdivision 37; 354.05, subdivision 38; 354.35, subdivision 2; 354.42, subdivision 3; 354.44, subdivisions 1a, 5, 6; 354.55, subdivision 11; 354A.011, subdivision 15a; 354A.12, subdivision 2a; 354A.29, subdivision 7; 354A.31, subdivisions 3, 6, 7; 354A.36, subdivision 3; 354A.37, subdivision 2; 356.415, subdivision 1d; repealing Minnesota Statutes 2022, section 354.35, subdivision 1.
AI Summary
This bill:
- Amends the normal retirement age for members of the Teachers Retirement Association and St. Paul Teachers Retirement Fund Association to age 62, down from age 65 or the higher of age 65 or the Social Security retirement age.
- Restores deferred annuities augmentation (increases) for teachers, setting the augmentation rate at 2% from July 1, 2023 and thereafter.
- Provides additional service credit for school employees during the years 2020-2022, crediting them with two months of service for every one month worked.
- Modifies the postretirement adjustments for teachers to tie the increases to the Social Security cost-of-living adjustment, up to a maximum of 3%.
- Increases the employer contribution rates for the Teachers Retirement Association and St. Paul Teachers Retirement Fund Association.
- Appropriates additional funding for general education aid to school districts to help cover the increased employer contribution costs.
Committee Categories
Government Affairs
Sponsors (17)
Dan Wolgamott (D)*,
Kaela Berg (D),
Greg Davids (R),
Jeff Dotseth (R),
Elliott Engen (R),
Cedrick Frazier (D),
Mike Freiberg (D),
Rick Hansen (D),
Liish Kozlowski (D),
Leon Lillie (D),
Andrew Myers (R),
Liz Olson (D),
Kristi Pursell (D),
Lucy Rehm (D),
Zack Stephenson (D),
Brad Tabke (D),
Dean Urdahl (R),
Last Action
Author added Pursell (on 04/12/2023)
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=HF2222&ssn=0&y=2023 |
| BillText | https://www.revisor.mn.gov/bills/text.php?number=HF2222&version=0&session=ls93&session_year=2023&session_number=0&format=pdf |
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