MN HF3808

Provides an unreduced retirement annuity for Teachers Retirement Association members who reach age 62 with 30 or more years of service, eliminating the early retirement reduction factor for this group effective July 1, 2024.

Increases employee contribution rates to the Teachers Retirement Association fund based on years of service, with rates ranging from 11.5 percent to 12.5 percent for basic program members and 8.0 percent to 9.0 percent for coordinated program members, effective July 1, 2024.

Implements tiered contribution increases phased between July 1, 2023 and June 30, 2024, with final rates taking effect after June 30, 2024 and varying by service credit length.