MN SF4250

Restores annual augmentation (compounding increases) to deferred annuities for former public employees who terminated service before January 1, 2019, reversing a freeze that eliminated augmentation for those who left after December 31, 2018

Applies to four retirement systems: Minnesota State Retirement System, Public Employees Retirement Association, Teachers Retirement Association, and St. Paul Teachers' Retirement Fund Association

Reinstates augmentation rates ranging from 1 to 5 percent depending on employee hire date and service termination date, with rates compounded annually until retirement

Requires retroactive recalculation and adjustment of ongoing annuities for former employees who began receiving pensions on or after January 1, 2019 (July 1, 2019 for teachers), with options for lump sum distribution or rollover of underpayments

Takes effect immediately upon final enactment