HF2329

HF2329 (Legislative Session 94 (2025-2026))

Teachers Retirement Association; age lowered from 62 to 60 for the enhanced early retirement reduction, and postretirement adjustment delay clarified.

Related bill: SF2992

AI Generated Summary

This bill proposes changes to the Teachers Retirement Association regulations in Minnesota. The key components include:

Lowering the Early Retirement Age: It reduces the age from 62 to 60 for the enhanced early retirement reduction, allowing teachers with 30 or more years of service to retire earlier with a reduced penalty.
Early Retirement Reduction Modifications: Adjusts the reduction factors for teachers retiring before the normal retirement age, including specific percentages based on age and years of service.
Clarifies Postretirement Adjustments: Updates provisions related to postretirement adjustments and how they are applied based on employment commencement.
Limits on Retirement Annuity Payments: Prohibits annuity payments to former employees with salaries exceeding 95% of the governor’s salary until their salary figures are audited and verified.

The bill essentially modifies the pension calculation formulas and early retirement conditions to provide more flexibility for retiring teachers while maintaining financial oversight.

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 16, 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": [
        "Previous age requirement for enhanced early retirement reduction."
      ],
      "summary": "This bill affects the computation of retirement annuities for teachers under section 354.44, subdivision 6.",
      "modified": [
        "Change in age requirement from 62 to 60 for specific early retirement annuity calculations."
      ]
    },
    "citation": "354.44",
    "subdivision": "subdivision 6"
  },
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "Defines average salary for retirement annuity calculation purposes.",
      "modified": [
        "References to subdivision 13a for average salary in several parts of the annuity calculations."
      ]
    },
    "citation": "354.05",
    "subdivision": "subdivision 13a"
  },
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "Relates to pension fund membership criteria under section 356.30.",
      "modified": [
        "Referenced for determining member eligibility and annuity calculations based on participation date."
      ]
    },
    "citation": "356.30",
    "subdivision": "subdivision 3"
  }
]