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MN SF5324
Bill
Status
Introduced
4/4/2024
Primary Sponsor
Nick Frentz
Click for details
AI Summary
- Modifies employee contribution rates to the Teachers Retirement Association fund for both Basic and Coordinated Programs, effective June 30, 2024
- Increases Basic Program contribution rates from 11 percent to 11.25 percent for July 1, 2023 through June 30, 2024, then to 11.5 percent after June 30, 2025
- Increases Coordinated Program contribution rates from 7.5 percent to 7.75 percent for July 1, 2023 through June 30, 2024, then to 8.0 percent after June 30, 2025
- Maintains Basic Program rate at 11 percent and Coordinated Program rate at 7.5 percent for July 1, 2024 through June 30, 2025
- Transfers $15,729,000 from the general fund to the Teachers Retirement Association in fiscal year 2025 as a one-time transfer
Legislative Description
Teachers Retirement Act provision modification and Teachers Retirement Association money transfer authorization
Last Action
Referred to State and Local Government and Veterans
4/4/2024
Committee Referrals
State and Local Government and Veterans4/4/2024
Full Bill Text
No bill text available