Bill > SF1122

This bill modifies postretirement adjustment provisions for two specific public employee retirement plans: the Public Employees Police and Fire Retirement Plan and the State Patrol Retirement Plan. For the Public Employees Police and Fire Retirement Plan, the bill reduces the waiting period for receiving a postretirement adjustment from 36 months to 12 months and establishes a more flexible percentage increase mechanism tied to the federal Social Security cost-of-living adjustment. Specifically, recipients will receive a one percent increase annually, which can rise to up to 1.5 percent if the Social Security cost-of-living adjustment exceeds two percent. For the State Patrol Retirement Plan, the bill increases the annual postretirement adjustment from one percent to 1.5 percent for recipients who have been receiving benefits for at least 12 full months. In both cases, the adjustments will be made automatically unless the recipient specifically requests otherwise, and the changes will take effect for postretirement adjustments beginning on or after January 1, 2026. These modifications aim to provide more consistent and potentially more substantial retirement income increases for public safety employees, helping to offset the effects of inflation on their retirement benefits.

Government Affairs

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF1122&ssn=0&y=2025