MN HF2341

Members of the Teachers Retirement Association who reach age 60 with 30 years of service would qualify for unreduced retirement benefits, lowered from the current age 62 threshold

Employer contribution rates would be set at a flat 13.3% for coordinated members and 17.3% for basic members, effective July 1, 2025

Postretirement cost-of-living adjustments would increase to 1.5% annually beginning January 1, 2026, and the delay in postretirement adjustments for early retirees would be eliminated

School district pension adjustment revenue rates would increase from 2.0% to 5.8% for most districts and from 3.25% to 3.25% (unchanged) for St. Paul, effective fiscal year 2026

General fund appropriations (amounts to be determined) would be provided to the Department of Education, Minnesota State Academies, Perpich Center for the Arts, and Minnesota State Colleges and Universities for increased employer pension contributions, with 3% annual base increases after fiscal year 2028