Loading chat...
MN HF1582
Bill
Status
2/26/2025
Primary Sponsor
Dan Wolgamott
Click for details
AI Summary
-
Teachers Retirement Association members who reach age 60 with 30 years of service become eligible for unreduced retirement annuities, lowered from the previous age 62 requirement
-
Early retirement reduction factors are modified: 4% per year for ages 55-58, reduced from 7% to 5% per year for ages 59 to normal retirement age
-
Annual postretirement adjustments increase to 1.5% beginning January 1, 2026, and the postretirement adjustment delay for members retiring before normal retirement age is eliminated
-
Employer contribution rates increase to 13.3% for coordinated members and 17.3% for basic members effective July 1, 2025
-
School district pension adjustment rates increase from 2.0% to 5.8% for most districts and from 2.5% to 3.25% for St. Paul (District 625) for fiscal year 2026 and later, with state appropriations to the Department of Education, Minnesota State Academies, Perpich Center for the Arts, and Minnesota State Colleges and Universities for increased pension contributions
Legislative Description
Teachers Retirement Association; unreduced retirement annuity upon reaching age 60 with 30 years of service provided, early retirement reduction factors for annuity commencement before normal retirement age modified, postretirement adjustments increased, other various retirement provisions modified, and money appropriated.
Last Action
Author added Rymer
3/11/2025