MN HF4666

Increases the maximum annual postretirement adjustment for Public Employees Police and Fire Retirement Plan (PERA) recipients from 1 percent to 1.5 percent when federal Social Security cost-of-living adjustments exceed 2 percent.

Reduces the waiting period for recipients to receive full postretirement adjustments from 36 months to 12 months of receiving benefits.

Establishes a prorated adjustment formula for recipients who have received benefits for at least one month but less than 12 months, multiplying the adjustment percentage by the fraction of months received.

Maintains automatic increases unless recipients file written notice with the Public Employees Retirement Association requesting no increase.

Effective for postretirement adjustments beginning January 1, 2025.