SF1712 - Omnibus Retirement Bill Summary

• Extends grandfather provision for actuarial assumptions in unclassified state employees retirement plan through July 1, 2022 for legislative staff.

• Reduces Judges Retirement Plan postretirement adjustment from 2.5% to 1.5% annually and eliminates funding threshold triggers that would increase the adjustment.

• Revises H-1B visa holder eligibility for Minnesota State Retirement System and Public Employees Retirement Association to comply with federal law; permits purchase of prior service credit.

• Extends military leave service credit period from one year to three years for Public Employees Retirement Association plans.

• Establishes work groups to study 911 telecommunicator pension benefits and firefighter supplemental state aid allocation methods, with reports due by March 1, 2022.