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MN HF3920
Bill
Status
4/14/2016
Primary Sponsor
Tim O'Driscoll
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AI Summary
Bill Summary
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Increases employee and employer contribution rates for Minnesota State Retirement System (MSRS) general state employees plan, effective July 1, 2017, with employees rising from 5.5% to 6% and employers rising from 5.5% to 6% of salary.
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Reduces postretirement adjustment (PRA) increases from 2% to 1.75% for Minnesota State Retirement System plans and from 2.5% to 1.75% for Teachers Retirement Association after funding stability is restored.
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Extends the Teachers Retirement Association funding stability target date from June 30, 2037 to June 30, 2046.
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Increases St. Paul Teachers Retirement Fund Association employer contribution rates for coordinated members to 7.5% (after June 30, 2017) and basic members to 11.5% (after June 30, 2017).
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Adds a temporary 1% additional employer contribution for MSRS general state employees effective July 1, 2017, expiring when plan assets equal or exceed actuarial accrued liability.
Legislative Description
Public retirement; contribution rates increased, postretirement adjustment increase rates reduced; postretirement adjustment provisions revised; and amortization target date for Teachers Retirement Association extended.
Last Action
Introduction and first reading, referred to Government Operations and Elections Policy
4/14/2016