MN HF2237

Increases the retirement annuity multiplier from 1.7% to 1.9% per year for allowable service performed after June 30, 2025, for general state employees retirement plan members

Maintains the existing 1.2% multiplier for the first ten years of service and 1.7% for subsequent years of service through June 30, 2025

Raises the annual postretirement adjustment (cost-of-living increase) from 1.5% to 1.75% for retirees in the general state employees retirement plan, legislators retirement plan, and unclassified state employees retirement program

Postretirement adjustment changes take effect for adjustments beginning January 1, 2026; annuity formula changes take effect July 1, 2025