Bill > SF3507

This bill modifies several provisions related to the Teachers Retirement Association (TRA), focusing on retirement benefits and contributions. The bill allows teachers to retire with an unreduced annuity at age 60 with 30 years of service, instead of the previous requirements. It increases employer contribution rates for coordinated and basic members, with coordinated members rising to 13.3% and basic members to 17.3% effective July 1, 2025. The bill also adjusts postretirement adjustments, establishing a 1.5% annual increase for retirees starting January 1, 2026, and removes the previous delayed adjustment for members who retire before normal retirement age. Additionally, the bill increases pension adjustment revenue for school districts, with rates changing from 1.25% to 5.8% for fiscal year 2026 and later. The legislation includes appropriations to various educational entities to support increased employer pension contributions, with provisions for annual increases starting in fiscal year 2028. These changes aim to improve retirement benefits and financial stability for teachers in Minnesota's retirement system.

Government Affairs

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF3507&ssn=0&y=2025