Bill
Bill > HF3052
MN HF3052
MN HF3052Teachers Retirement Association; unreduced retirement annuity provided upon reaching age 60 with 30 years of service, early retirement reduction factors modified for annuity commencement before normal retirement age, postretirement adjustments increased, other various retirement provision modified, and money appropriated.
summary
Introduced
04/02/2025
04/02/2025
In Committee
04/02/2025
04/02/2025
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, employer contributions, and postretirement adjustments. The bill reduces early retirement reduction factors for teachers, allowing those who are at least 60 years old with 30 years of service to receive an unreduced retirement annuity. It increases employer contribution rates for coordinated and basic members, with coordinated members' rates rising to 13.3% and basic members' rates increasing to 17.3% starting July 1, 2025. The bill also changes the annual postretirement adjustment for TRA recipients, establishing a flat 1.5% increase beginning January 1, 2026, for those who have been receiving an annuity for at least 12 full months. Additionally, the bill includes appropriations to various educational institutions to cover increased employer pension contributions to the TRA, with provisions for annual base increases of 3% starting in fiscal year 2028. These changes aim to improve retirement benefits and financial sustainability for teachers in Minnesota's retirement system.
Committee Categories
Government Affairs
Sponsors (1)
Last Action
Introduction and first reading, referred to State Government Finance and Policy (on 04/02/2025)
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=HF3052&ssn=0&y=2025 |
| BillText | https://www.revisor.mn.gov/bills/text.php?number=HF3052&version=0&session=ls94&session_year=2025&session_number=0&format=pdf |
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