H.F. No. 3942 Summary

• Reinstates the "rule of 90" allowing members whose attained age plus credited allowable service totals 90 years to receive full retirement annuities without early retirement reductions for both the Teachers Retirement Association and St. Paul Teachers Retirement Fund Association.

• Applies the rule of 90 to members retiring under formula annuities before normal retirement age, effective July 1, 2022.

• Amends Minnesota Statutes 2020, section 354.44, subdivision 6, and Minnesota Statutes 2021 Supplement, section 354A.31, subdivision 7, to implement the reinstated rule.

• Maintains existing early retirement reduction factors and augmentation provisions for members who do not qualify under the rule of 90.