HF2341

HF2341 (Legislative Session 94 (2025-2026))

Teachers Retirement Association; unreduced retirement annuity upon reaching age 60 with 30 years of service provided, various other retirement provisions modified, employer contributions increased, and money appropriated.

Related bill: SF2523

AI Generated Summary

This Minnesota bill proposes changes to the Teachers Retirement Association (TRA) system. The key provisions include:

Unreduced Retirement Annuity: Allows teachers to retire with an unreduced pension at age 60 if they have 30 years of service.
Early Retirement Reduction Factors: Modifies the reduction factors for employees retiring before the normal retirement age.
Postretirement Adjustments: Increases postretirement benefits and removes the delay in receiving adjustments for early retirees.
Increased Employer Contributions: Requires school districts to contribute more towards teacher pensions.
Pension Adjustment Revenue for Schools: Adjusts funding formulas for school districts' pension-related costs, including phased increases in pension adjustment rates.
Appropriation of Funds: Allocates financial resources to support these pension modifications.

The bill amends multiple sections of Minnesota law, specifically targeting teacher retirement benefits and ensuring financial adjustments for school districts to accommodate these changes.

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
March 26, 2025	House	Floor	Action	Author added
March 31, 2025	House	Floor	Action	Authors added
April 06, 2025	House	Floor	Action	Author 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": [
        "Changes to pension adjustment rates for fiscal years 2023-2028."
      ],
      "removed": [
        ""
      ],
      "summary": "The bill modifies pension adjustment revenue calculations for school districts under section 126C.10, subdivision 37.",
      "modified": [
        "Adjustments to fiscal year pension adjustment proration guidelines."
      ]
    },
    "citation": "126C.10",
    "subdivision": "subdivision 37"
  },
  {
    "analysis": {
      "added": [
        ""
      ],
      "removed": [
        ""
      ],
      "summary": "Refers to adjustments for per adjusted pupil unit calculations and state average adjustments.",
      "modified": [
        "Utilizes previous calculations for pension adjustment revenue."
      ]
    },
    "citation": "127A.50",
    "subdivision": "subdivision 1"
  },
  {
    "analysis": {
      "added": [
        "Allows cooperative units to receive pension adjustment revenue as if they were individual districts."
      ],
      "removed": [
        ""
      ],
      "summary": "Provides exception for cooperative units regarding pension adjustment revenue qualifying under section 123A.26.",
      "modified": [
        ""
      ]
    },
    "citation": "123A.26",
    "subdivision": "subdivision 1"
  },
  {
    "analysis": {
      "added": [
        ""
      ],
      "removed": [
        ""
      ],
      "summary": "Defines cooperative units in relation to pension adjustment revenue eligibility.",
      "modified": [
        "Clarifies qualification process for cooperative units for revenue purposes."
      ]
    },
    "citation": "123A.24",
    "subdivision": "subdivision 2"
  }
]