Bill
Bill > SF1937
MN SF1937
Augmentation of deferred annuities restoral for members who left public employment before January 1, 2019
summary
Introduced
02/27/2025
02/27/2025
In Committee
02/27/2025
02/27/2025
Crossed Over
Passed
Dead
Introduced Session
94th Legislature 2025-2026
Bill Summary
A bill for an act relating to retirement; Minnesota State Retirement System; Public Employees Retirement Association; Teachers Retirement Association; St. Paul Teachers' Retirement Fund Association; restoring augmentation of deferred annuities for members who left public employment before January 1, 2019; amending Minnesota Statutes 2024, sections 352.22, subdivision 3a; 352B.08, subdivision 2b; 353.34, subdivision 3; 354.55, subdivision 11; 354A.37, subdivision 2.
AI Summary
This bill restores augmentation (the process of increasing deferred retirement benefits) for public employees who left their jobs before January 1, 2019, across several Minnesota public retirement systems. Specifically, the bill modifies existing statutes for state employees, public employees, teachers, and St. Paul teachers to reinstate augmentation rates that were previously reduced or eliminated. For employees who became public servants before July 1, 2006, the bill reinstates augmentation rates ranging from 2-5% compounded annually, depending on the employee's age and the time period. For employees who joined after June 30, 2006, different augmentation rates apply. The key change is that for employees who terminated service after December 31, 2018 (or June 30, 2019 for teachers), the augmentation rate will return to previous levels instead of being zero. The bill also includes a retroactive implementation provision that requires retirement system executives to recalculate and potentially adjust pension amounts for retirees who started receiving pensions on or after January 1, 2019, offering them the option of a lump sum payment to make up for the previous reduction in augmentation. This legislation aims to provide more favorable retirement benefits for public employees who left their jobs before the recent cuts to augmentation rates.
Committee Categories
Government Affairs
Sponsors (1)
Last Action
Referred to State and Local Government (on 02/27/2025)
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=Senate&f=SF1937&ssn=0&y=2025 |
BillText | https://www.revisor.mn.gov/bills/text.php?number=SF1937&version=0&session=ls94&session_year=2025&session_number=0&format=pdf |
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