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MN HF4596
Bill
Status
3/24/2022
Primary Sponsor
Bob Dettmer
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AI Summary
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Reinstates the "rule of 90" allowing members whose age plus credited service equals 90 years to retire without early retirement reduction penalties, effective July 1, 2022.
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Increases employee contribution rates for both Teachers Retirement Association (TRA) and St. Paul Teachers Retirement Fund Association (SPTRFA) effective July 1, 2022, with basic program members increasing to 11.87 percent (TRA) and 10.87 percent (SPTRFA), and coordinated program members increasing to 8.37 percent (TRA) and 8.37 percent (SPTRFA).
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Increases employer contribution rates proportionally for both retirement systems to help fund the rule of 90 benefit reinstatement.
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Appropriates $2 billion to the Teachers Retirement Fund and $82 million to the St. Paul Teachers Retirement Fund in fiscal year 2023 to support the changes.
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Effective date is July 1, 2022 for all provisions.
Legislative Description
Teachers Retirement Association and St. Paul Teachers Retirement Fund Association; rule of 90 reinstated and employee contribution to pay for benefit increased, and money appropriated.
Last Action
Introduction and first reading, referred to State Government Finance and Elections
3/24/2022