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MN HF3052
Bill
Status
4/2/2025
Primary Sponsor
Steve Gander
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AI Summary
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Members of the Teachers Retirement Association (TRA) who reach age 60 with 30 years of service become eligible for an unreduced retirement annuity, lowered from the previous age 62 threshold
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Early retirement reduction factors for members under age 60 or with fewer than 30 years of service are reduced from 7% to 5% per year for ages 59 and above
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Annual postretirement adjustments increase to 1.5% beginning January 1, 2026, and the delay on postretirement adjustments for members who retire before normal retirement age is eliminated
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Employer contribution rates for most school districts are set at a flat 13.3% for coordinated members and 17.3% for basic members, effective July 1, 2025
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School district pension adjustment rates increase from 2.0% to 5.8% for fiscal year 2026 and later, with appropriations from the general fund to the Department of Education, Minnesota State Academies, Perpich Center for the Arts, and Minnesota State Colleges and Universities for increased employer pension contributions
Legislative Description
Teachers Retirement Association; unreduced retirement annuity provided upon reaching age 60 with 30 years of service, early retirement reduction factors modified for annuity commencement before normal retirement age, postretirement adjustments increased, other various retirement provision modified, and money appropriated.
Last Action
Introduction and first reading, referred to State Government Finance and Policy
4/2/2025