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MN HF2329
Bill
Status
Introduced
3/13/2025
Primary Sponsor
Danny Nadeau
Click for details
AI Summary
- Lowers the age threshold for enhanced early retirement reduction from 62 to 60 for Teachers Retirement Association members with at least 30 years of service, allowing them to retire with a reduced 6% annual penalty instead of the standard 4-7% reduction factors
- Members retiring before age 60 or with fewer than 30 years of service continue to face standard early retirement reduction factors of 4% annually for ages 55-58 and 7% annually for ages 59 to normal retirement age
- Clarifies that postretirement adjustment delays for members retiring on or after July 1, 2024 do not apply to those who qualify for the enhanced early retirement reduction with at least 30 years of service at age 62 or older
- Removes obsolete statutory language regarding postretirement adjustment provisions from 2019-2023 that are no longer applicable
- Section 1 (early retirement age change) effective July 1, 2025; Section 2 (postretirement adjustment clarification) effective the day following final enactment
Legislative Description
Teachers Retirement Association; age lowered from 62 to 60 for the enhanced early retirement reduction, and postretirement adjustment delay clarified.
Last Action
Author added Anderson, P. H., and Perryman
4/21/2025
Committee Referrals
State Government Finance & Policy3/13/2025
Full Bill Text
No bill text available