Bill
Bill > HF1582
MN HF1582
Teachers Retirement Association; unreduced retirement annuity upon reaching age 60 with 30 years of service provided, early retirement reduction factors for annuity commencement before normal retirement age modified, postretirement adjustments increased, other various retirement provisions modified, and money appropriated.
summary
Introduced
02/26/2025
02/26/2025
In Committee
02/26/2025
02/26/2025
Crossed Over
Passed
Dead
Introduced Session
94th Legislature 2025-2026
Bill Summary
A bill for an act relating to retirement; Teachers Retirement Association; providing for an unreduced retirement annuity upon reaching age 60 with 30 years of service; modifying the early retirement reduction factors for annuity commencement before normal retirement age; increasing the postretirement adjustments; removing the postretirement adjustment delay for members who retire before the normal retirement age; increasing employer contributions; increasing the pension adjustment revenue for school districts; appropriating money; amending Minnesota Statutes 2024, sections 126C.10, subdivision 37; 354.42, subdivision 3; 354.44, subdivision 6; 356.415, subdivision 1d.
AI Summary
This bill modifies several provisions related to the Teachers Retirement Association (TRA), focusing on retirement benefits and contributions. The bill introduces an unreduced retirement annuity for members who reach age 60 with 30 years of service, changes early retirement reduction factors, and increases postretirement adjustments. Specifically, it increases employer contribution rates for various educational institutions, with coordinated members' rates rising to 13.3% and basic members' rates to 17.3% starting July 1, 2025. The bill also modifies the annual postretirement adjustment to a flat 1.5% beginning January 1, 2026, for annuitants who have been receiving benefits for at least 12 months. Additionally, the legislation adjusts pension adjustment revenue for school districts, with rates increasing for fiscal years 2026 and later. The bill includes appropriations to support increased employer pension contributions for various educational entities, with provisions for annual base increases. These changes aim to improve retirement benefits and financial sustainability for teachers in the Minnesota retirement system.
Committee Categories
Government Affairs
Sponsors (35)
Dan Wolgamott (D)*,
Paul Anderson (R),
Ben Bakeberg (R),
Matt Bliss (R),
John Burkel (R),
Ethan Cha (D),
Greg Davids (R),
Alex Falconer (D),
Rick Hansen (D),
Amanda Hemmingsen-Jaeger (D),
Kaohly Her (D),
Kim Hicks (D),
Josiah Hill (D),
Athena Hollins (D),
John Huot (D),
Samakab Hussein (D),
Pete Johnson (D),
Wayne Johnson (R),
Liish Kozlowski (D),
Leon Lillie (D),
Joe McDonald (R),
Andrew Myers (R),
Danny Nadeau (R),
Matt Norris (D),
Bernie Perryman (R),
Lucy Rehm (D),
Kari Rehrauer (D),
Max Rymer (R),
Erica Schwartz (R),
Zack Stephenson (D),
Brad Tabke (D),
Samantha Vang (D),
Bianca Virnig (D),
Jay Xiong (D),
Natalie Zeleznikar (R),
Last Action
Author added Rymer (on 03/11/2025)
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=HF1582&ssn=0&y=2025 |
| BillText | https://www.revisor.mn.gov/bills/text.php?number=HF1582&version=0&session=ls94&session_year=2025&session_number=0&format=pdf |
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