MN SF4347

Reinstates the "rule of 90" provision allowing teachers to retire without reduction when age plus service credit totals 90 years, effective July 1, 2022

Increases employee contribution rates for Teachers Retirement Association (TRA) members: basic program from 11 percent to 11.87 percent and coordinated program from 7.5 percent to 8.37 percent of salary

Increases employer contribution rates for TRA: basic members from 12.34 percent to 13.17 percent and coordinated members from 8.34 percent to 9.37 percent of salary

Increases St. Paul Teachers Retirement Fund Association employee contributions and employer contributions with similar percentage-point increases across basic and coordinated programs, effective July 1, 2022

Appropriates $2 billion for fiscal year 2023 to Teachers Retirement Fund and $82 million to St. Paul Teachers Retirement Fund to support the rule of 90 reinstatement