Bill > SF2992

This bill modifies provisions related to the Teachers Retirement Association (TRA), specifically lowering the enhanced early retirement age from 62 to 60 and clarifying post-retirement adjustment rules. For early retirement, teachers who are at least 60 years old (previously 62) and have 30 or more years of service can now receive a reduced retirement annuity with a six percent reduction for each year before normal retirement age. The bill also establishes a graduated schedule of post-retirement adjustments, starting at 1.1 percent in 2024 and incrementally increasing to 1.5 percent by 2028. For members retiring on or after July 1, 2024, post-retirement adjustments will be delayed until the year following when they reach normal retirement age. These changes aim to provide more flexible retirement options for teachers and establish a predictable schedule for annual benefit increases. The first section of the bill becomes effective July 1, 2025, while the second section becomes effective the day after final enactment, providing teachers with enhanced early retirement opportunities and more predictable pension growth.

Government Affairs

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF2992&ssn=0&y=2025