Bill > SF2000

This bill modifies provisions related to the Teachers Retirement Association (TRA), making several key changes to retirement benefits and funding. Specifically, the bill allows teachers to retire with an unreduced annuity at age 60 with 30 years of service, modifies early retirement reduction factors, increases postretirement adjustments, and removes the postretirement adjustment delay for members who retire before normal retirement age. The bill increases employer contribution rates for coordinated and basic members, raising them to 13.3% and 17.3% respectively, effective July 1, 2025. For school districts, the pension adjustment revenue rate will increase to 5.8% for fiscal year 2026 and later, up from previous lower rates. The bill also provides appropriations to various educational institutions to support increased employer pension contributions to the Teachers Retirement Association, with base funding to increase by 3% annually starting in fiscal year 2028. These changes aim to improve retirement benefits and financial stability for teachers while ensuring adequate funding for the retirement system.

Government Affairs

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF2000&ssn=0&y=2025