MN HF1824

Amends Minnesota Statutes section 353.651, subdivision 4, to revise early retirement reduction provisions for public employees police and fire retirement plan members.

Establishes different reduction rates for members retiring before age 55: members joining after June 30, 2007 face a 0.2% monthly reduction, while members who joined before July 1, 2007 face a 0.1% monthly reduction.

Creates a blended reduction rate for members with benefit effective dates between July 1, 2014 and July 1, 2019, combining a 5% annual rate with applicable historical rates.

Applies a flat 5% annual reduction (prorated monthly) for members whose benefit effective date is after July 1, 2019.

Exempts persons who are at least age 47 on the bill's effective date from all changes in early retirement reduction calculations.