Bill > SF3547

This bill makes several changes to the Teachers Retirement Association (TRA) in Minnesota, primarily focusing on contribution rates and retirement eligibility. It increases both the employee and employer contributions to the TRA fund over a period of time, with specific percentage increases scheduled for July 1, 2025, and then again after June 30, 2026. Additionally, the bill modifies the rules for calculating retirement annuities, specifically allowing members who reach age 62 with at least 30 years of service to receive their full, unreduced retirement annuity, removing previous reductions that would have applied for retiring before normal retirement age. These changes are intended to strengthen the financial health of the retirement system and provide a more predictable retirement benefit for long-serving teachers.