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MN HF5250
Bill
Status
4/2/2024
Primary Sponsor
Kaohly Her
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AI Summary
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Modifies employee contribution rates to the Teachers Retirement Association fund for both Basic and Coordinated Programs, effective July 1, 2023 through June 30, 2025 and beyond.
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Increases Basic Program contribution rates from 11 percent to 11.25 percent for the period July 1, 2023 through June 30, 2024, then reduces to 11 percent for July 1, 2024 through June 30, 2025, before increasing to 11.5 percent after June 30, 2025.
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Increases Coordinated Program contribution rates from 7.5 percent to 7.75 percent for the period July 1, 2023 through June 30, 2024, then reduces to 7.5 percent for July 1, 2024 through June 30, 2025, before increasing to 8.0 percent after June 30, 2025.
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Transfers $15,729,000 from the general fund to the Teachers Retirement Association in fiscal year 2025 as a onetime direct state aid payment.
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All provisions are effective June 30, 2024.
Legislative Description
Teachers Retirement Act provision modified, and money transferred.
Last Action
Introduction and first reading, referred to State and Local Government Finance and Policy
4/2/2024