MN HF2520

Adds $7,000,000 in annual state aid to the St. Paul Teachers Retirement Fund Association, in addition to the existing $2,827,000 special direct state aid, effective September 30, 2015

Changes the established date for full funding of the St. Paul Teachers Retirement Fund Association from June 30 of the 25th year from the valuation date to June 30, 2042

Extends the requirement for supplemental contributions and state aid to the St. Paul Teachers Retirement Fund Association until the fund reaches full funding as established under the revised date or when current assets equal the actuarial accrued liability, whichever occurs earlier

Makes the same extension of aid continuation provisions to the Duluth Teachers Retirement Fund Association with the same funding conditions

Appropriates the required amounts annually from the general fund to the commissioner of management and budget for disbursement on October 1