MN HF3752

Clarifies the definition of "teacher" under Teachers Retirement Association by renumbering provisions related to the Perpich Center for Arts Education and removing obsolete language about charitable, penal, or correctional institutions.

Modifies retirement annuity accrual dates by restructuring conditions under which annuity payments begin, allowing members to specify different retirement dates within six months of service termination with clearer language about retroactive accrual options.

Adjusts early retirement reduction factors for members retiring before normal retirement age on or after July 1, 2019, changing age thresholds from age 55-59 to age 55-58 and from age 60 to at least age 59, with augmentation rates decreasing to zero percent by July 2024.

Modifies interest rates on refunded member contributions, changing the rate after June 30, 2018 from four percent to three percent, and clarifies that interest is computed through the first last day of the month prior to refund issuance.

Repeals an obsolete statutory provision (section 354.55, subdivision 10) allowing benefit reductions and makes retroactive clarifications to early retirement reduction language effective from July 1, 2013.