HF2318

HF2318 (Legislative Session 94 (2025-2026))

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.

Related bill: SF3239

AI Generated Summary

The bill proposes modifications to the Teachers Retirement Association in Minnesota by:

Increasing Pension Adjustment Revenue for School Districts – Adjusting the formula for pension adjustment revenue to provide additional funds for school districts, particularly in relation to contributions for teachers' retirement funds.
Raising Employer Contributions – Requiring school districts to contribute more towards the retirement system.
Allowing Unreduced Retirement Benefits at Age 62 with 30 Years of Service – Permitting teachers with at least 30 years of service to retire with full benefits at age 62.
Appropriating Funds – Allocating necessary financial resources to implement these changes.
Amending Minnesota Statutes (2024) – Specifically modifying sections 126C.10 subdivision 37, 354.42 subdivision 3, and 354.44 subdivision 6 to reflect these adjustments.

The bill seeks to enhance retirement benefits for teachers while ensuring funding mechanisms are adjusted appropriately. It has been referred to the Committee on State Government Finance and Policy for further review.

Bill text versions

Introduction PDF file

Actions

Date	Chamber	Where	Type	Name	Committee Name
March 12, 2025	House	Floor	Action	Introduction and first reading, referred to	State Government Finance and Policy
March 12, 2025	House	Floor	Action	Introduction and first reading, referred to	State Government Finance and Policy
March 12, 2025	House	Floor	Action	Introduction and first reading, referred to	State Government Finance and Policy
March 16, 2025	House	Floor	Action	Author added
March 16, 2025	House	Floor	Action	Author added
March 19, 2025	House	Floor	Action	Author added
March 19, 2025	House	Floor	Action	Author added
March 25, 2025	House	Floor	Action	Author added
March 25, 2025	House	Floor	Action	Author added
March 31, 2025	House	Floor	Action	Author added
March 31, 2025	House	Floor	Action	Author added
April 09, 2025	House	Floor	Action	Authors added
April 09, 2025	House	Floor	Action	Authors added
April 20, 2025	House	Floor	Action	Author added
April 20, 2025	House	Floor	Action	Author added

Citations

[
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "This bill modifies the pension adjustment revenue for school districts under section 126C.10, subdivision 37.",
      "modified": [
        "Adjusts pension adjustment rates for fiscal years 2024 and later."
      ]
    },
    "citation": "126C.10",
    "subdivision": "subdivision 37"
  },
  {
    "analysis": {
      "added": [
        "Allows cooperative units to qualify for pension adjustment revenue as if they were districts."
      ],
      "removed": [],
      "summary": "This section is referenced to provide exceptions for cooperative units regarding pension adjustment revenue.",
      "modified": []
    },
    "citation": "123A.26",
    "subdivision": "subdivision 1"
  },
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "This section provides the definition of a cooperative unit in relation to pension adjustment revenue qualification.",
      "modified": []
    },
    "citation": "123A.24",
    "subdivision": "subdivision 2"
  }
]