Bill > HF2341

This bill modifies several provisions related to the Teachers Retirement Association (TRA), focusing on retirement benefits and employer contributions. The bill allows teachers to retire with an unreduced annuity upon reaching age 60 with 30 years of service, which is a change from previous age requirements. It increases employer contribution rates for various educational institutions, with rates rising to 13.3% for coordinated members and 17.3% for basic members starting July 1, 2025. The bill also adjusts postretirement adjustments, setting a flat 1.5% annual increase for retirees beginning January 1, 2026, replacing the previous graduated increase schedule. Additionally, the bill increases pension adjustment revenue for school districts, with rates changing for different fiscal years, and provides appropriations to support these increased pension contributions across various educational entities like the Department of Education, Minnesota State Academies, Perpich Center for the Arts, and State Colleges and Universities. These changes aim to provide more stable and predictable retirement benefits for teachers while ensuring appropriate funding mechanisms for the retirement system.

Government Affairs

https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF2341&ssn=0&y=2025