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MN HF3675
Bill
Status
2/13/2024
Primary Sponsor
Dan Wolgamott
Click for details
AI Summary
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Department of Corrections corrections agents responsible for probation or parole services become eligible for unreduced retirement annuities if they are at least 62 years old or have at least 30 years of service, effective July 1, 2024.
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Eligible employees must have first become covered employees after June 30, 1989, and must terminate employment on or after the effective date to receive unreduced retirement annuities under this provision.
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Early retirement annuity reduction rates for covered employees are adjusted to gradually decrease from the employee's historical rate to zero percent by July 1, 2024, with monthly reductions over a five-year period beginning July 1, 2019.
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After June 30, 2024, actuarial equivalent calculations for early retirement annuities will no longer include any augmentation component for all covered employees.
Legislative Description
Minnesota State Retirement System general state employees retirement plan; unreduced early retirement annuity provided to select Department of Corrections employees if the employee is at least 62 years old or has at least 30 years of service.
Last Action
Authors added Rarick and Virnig
3/21/2024