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MN HF2318
Bill
Status
3/13/2025
Primary Sponsor
Danny Nadeau
Click for details
AI Summary
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Increases pension adjustment rate for school districts from 2.0% to 3.0% for fiscal year 2026 and later (St. Paul district increases from 3.25% to remain at 3.25%)
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Raises employer contribution rates to the Teachers Retirement Association to a flat 10.5% for coordinated members and 13.5% for basic members, effective July 1, 2025
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Allows TRA members with at least 30 years of service to receive an unreduced retirement annuity at age 62, eliminating the previous 6% annual early reduction penalty for this group
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Appropriates unspecified amounts from the general fund for fiscal years 2026-2027 to the Department of Education, Minnesota State Academies, Perpich Center for Arts Education, and Minnesota State Colleges and Universities for increased employer pension contributions
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Establishes that appropriation base amounts increase annually by 3% starting in fiscal year 2028
Legislative Description
Teachers Retirement Association; pension adjustment revenue increased for school districts, employer contributions increased, unreduced retirement annuity provided upon reaching age 62 with 30 years of service, and money appropriated.
Last Action
Author added McDonald
5/9/2025