HF3771 Summary

• Increases postretirement adjustments for St. Paul Teachers Retirement Fund from 1% (January 1, 2022) to 2.5% (January 1, 2023 and thereafter)

• Increases postretirement adjustments across multiple Minnesota State Retirement System (MSRS) plans from 1-1.75% through 2022 to 2.5% effective January 1, 2023 and thereafter

• Increases postretirement adjustments for Public Employees Retirement Association (PERA) plans, Teachers Retirement Association (TRA), and State Patrol retirement plan, with increases to 2.5% effective January 1, 2023

• Members retiring on or after July 1, 2024 (St. Paul Teachers, MSRS) and January 1, 2024 (PERA) will not receive postretirement adjustments until January 1 of the year following when they attain normal retirement age

• Excludes certain early retirement categories from the delayed adjustment provisions