MN SF3931

Reinstates the "rule of 90" for Teachers Retirement Association (TRA) members, allowing those whose age plus credited service equals 90 years to receive full retirement annuity without early retirement reductions, effective July 1, 2022.

Applies the rule of 90 to both TRA members and St. Paul Teachers Retirement Fund Association (SPTRFA) coordinated members who retire on or after July 1, 2022.

Amends Minnesota Statutes section 354.44, subdivision 6 to add language stating members whose attained age plus credited allowable service totals 90 years are entitled to the normal annuity without reduction.

Amends Minnesota Statutes section 354A.31, subdivision 7 to make the same rule of 90 provision applicable to SPTRFA coordinated members, with an identical effective date of July 1, 2022.

Preserves existing early retirement reduction factors and formulas for members who do not qualify under the rule of 90.