SF1937

SF1937 (Legislative Session 94 (2025-2026))

Augmentation of deferred annuities restoral for members who left public employment before January 1, 2019

AI Generated Summary

This bill seeks to restore the augmentation of deferred annuities for members of Minnesota's public retirement systems who left public employment before January 1, 2019. Specifically, it amends provisions in Minnesota Statutes 2024 related to the Minnesota State Retirement System, Public Employees Retirement Association, Teachers Retirement Association, and the St. Paul Teachers Retirement Fund Association.

Key points of the bill: - Restores the augmentation (annual percentage increase) of deferred annuities, which were previously frozen at 0% after December 31, 2018. - Sets augmentation rates based on employment start date and age, reinstating previous increases for deferred annuities. - Adjusts annuity calculations to account for changes in investment return actuarial assumptions.

Overall, the bill aims to improve retirement benefits for public employees who left service before 2019 by reinstating the growth of their deferred annuities.

Bill text versions

Introduction PDF file

Actions

Date	Chamber	Where	Type	Name	Committee Name
February 26, 2025	House	Floor	Action	Introduction and first reading
February 26, 2025	Senate	Floor	Action	Introduction and first reading
February 26, 2025	House	Floor	Action	Referred to	State and Local Government
February 26, 2025	Senate	Floor	Action	Referred to	State and Local Government
February 26, 2025	Senate	Floor	Action	Referred to	State and Local Government

Citations

[
  {
    "analysis": {
      "added": [
        "Additional augmentation details for employees terminating after December 31, 2018."
      ],
      "removed": [
        ""
      ],
      "summary": "Amends computation of deferred annuities for former state employees who left public service prior to 2019 under section 352.22, subdivision 3a.",
      "modified": [
        "Adjustment in augmentation rates depending on termination dates."
      ]
    },
    "citation": "352.22",
    "subdivision": "subdivision 3a"
  },
  {
    "analysis": {
      "added": [
        "Allows for increased annuities based on employment termination prior to specific dates."
      ],
      "removed": [
        ""
      ],
      "summary": "References modification in annuity calculation for public safety employees under section 352B.08, subdivision 2b.",
      "modified": [
        "Changes in augmentation application period for specific termination conditions."
      ]
    },
    "citation": "352B.08",
    "subdivision": "subdivision 2b"
  },
  {
    "analysis": {
      "added": [
        ""
      ],
      "removed": [
        ""
      ],
      "summary": "Restores augmentation of deferred annuities for public employees under section 353.34, subdivision 3.",
      "modified": [
        "Updated annuity augmentation terms and conditions."
      ]
    },
    "citation": "353.34",
    "subdivision": "subdivision 3"
  },
  {
    "analysis": {
      "added": [
        ""
      ],
      "removed": [
        ""
      ],
      "summary": "Revises deferred annuity qualifications for teachers under section 354.55, subdivision 11.",
      "modified": [
        "Clarifies augmentation details for post-2018 service termination."
      ]
    },
    "citation": "354.55",
    "subdivision": "subdivision 11"
  },
  {
    "analysis": {
      "added": [
        ""
      ],
      "removed": [
        ""
      ],
      "summary": "Updates augmentation rules for St. Paul Teachers Retirement Fund under section 354A.37, subdivision 2.",
      "modified": [
        "Specifies augmentation terms based on date of leaving public employment."
      ]
    },
    "citation": "354A.37",
    "subdivision": "subdivision 2"
  },
  {
    "analysis": {
      "added": [
        ""
      ],
      "removed": [
        ""
      ],
      "summary": "Impacts actuarial assumptions under section 356.215, subdivision 8.",
      "modified": [
        "Reflects updated assumption from five percent to six percent."
      ]
    },
    "citation": "356.215",
    "subdivision": "subdivision 8"
  },
  {
    "analysis": {
      "added": [
        ""
      ],
      "removed": [
        ""
      ],
      "summary": "References the approval process by actuaries under section 356.214.",
      "modified": [
        "Adjustment to actuarial calculation procedures based on new assumptions."
      ]
    },
    "citation": "356.214",
    "subdivision": ""
  }
]