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HF1582 (Legislative Session 94 (2025-2026))

Teachers Retirement Association; unreduced retirement annuity upon reaching age 60 with 30 years of service provided, early retirement reduction factors for annuity commencement before normal retirement age modified, postretirement adjustments increased, other various retirement provisions modified, and money appropriated.

Related bill: SF2000

AI Generated Summary

This bill proposes changes to the retirement benefits for members of the Minnesota Teachers Retirement Association (TRA). The key provisions include:

  1. Unreduced Retirement Annuity: Allows teachers to retire with an unreduced pension if they reach age 60 and have 30 years of service.
  2. Early Retirement Modifications: Adjusts the reduction factors for members who choose to retire before reaching the normal retirement age.
  3. Postretirement Adjustments: Increases the cost-of-living adjustments (COLAs) for retirees.
  4. Eliminating Delay in COLA for Early Retirees: Removes the waiting period for COLA adjustments for those retiring before the normal retirement age.
  5. Increasing Employer Contributions: Requires school districts to contribute more towards teacher pensions.
  6. Pension Adjustment Revenue for School Districts: Increases the revenue allocated to school districts to cover higher pension costs, with specific percentage adjustments for different fiscal years.
  7. Appropriation of Funds: Allocates state funding to support these pension adjustments.

The bill amends several sections of Minnesota Statutes (2024) related to teacher pensions and funding allocation for school districts.

Bill text versions

Actions

DateChamberWhereTypeNameCommittee Name
February 25, 2025HouseFloorActionIntroduction and first reading, referred toState Government Finance and Policy
February 25, 2025HouseFloorActionIntroduction and first reading, referred toState Government Finance and Policy
February 25, 2025HouseFloorActionIntroduction and first reading, referred toState Government Finance and Policy
February 26, 2025HouseFloorActionAuthors added
February 26, 2025HouseFloorActionAuthors added
March 02, 2025HouseFloorActionAuthors added
March 02, 2025HouseFloorActionAuthors added
March 04, 2025HouseFloorActionAuthors added
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March 09, 2025HouseFloorActionAuthors added
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March 10, 2025HouseFloorActionAuthor added
March 10, 2025HouseFloorActionAuthor added

Citations

 
[
  {
    "analysis": {
      "added": [
        "Clarification of new pension adjustment rates for fiscal years 2023 through 2028 and later."
      ],
      "removed": [
        ""
      ],
      "summary": "This bill amends the pension adjustment revenue section for school districts under section 126C.10.",
      "modified": [
        "Changes in pension adjustment rate percentages for Independent School District No. 625 St. Paul and all other districts."
      ]
    },
    "citation": "126C.10",
    "subdivision": "subdivision 37"
  },
  {
    "analysis": {
      "added": [
        ""
      ],
      "removed": [
        ""
      ],
      "summary": "The legislation modifies employer contributions requirements under section 354.42.",
      "modified": [
        "Increases employer contributions for retirement funds."
      ]
    },
    "citation": "354.42",
    "subdivision": "subdivision 3"
  },
  {
    "analysis": {
      "added": [
        ""
      ],
      "removed": [
        ""
      ],
      "summary": "This bill modifies early retirement reduction factors for annuities under section 354.44.",
      "modified": [
        "Adjusts the early retirement reduction factors for annuity commencement before normal retirement age."
      ]
    },
    "citation": "354.44",
    "subdivision": "subdivision 6"
  },
  {
    "analysis": {
      "added": [
        ""
      ],
      "removed": [
        ""
      ],
      "summary": "The bill increases postretirement adjustments under section 356.415.",
      "modified": [
        "Removes the postretirement adjustment delay for members retiring before the normal retirement age.",
        "Increases postretirement adjustments."
      ]
    },
    "citation": "356.415",
    "subdivision": "subdivision 1d"
  }
]

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