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SF2523 (Legislative Session 94 (2025-2026))

Teachers Retirement Association provisions modifications and appropriation

Related bill: HF2341

AI Generated Summary

This bill proposes changes to the Minnesota Teachers Retirement Association system. Here are the key provisions:

  1. Unreduced Retirement Annuity: Allows teachers to retire with an unreduced annuity at age 60 if they have 30 years of service.
  2. Early Retirement Adjustments: Modifies the reduction factors for annuities if a teacher retires before the normal retirement age.
  3. Postretirement Adjustments: Increases annual pension adjustments for retirees.
  4. Elimination of Delayed Postretirement Adjustments: Removes the waiting period for postretirement adjustments for those retiring early.
  5. Employer Contribution Increases: Requires school districts to contribute more to the pension system.
  6. Increased Pension Adjustment Revenue: Boosts funding to school districts to help cover increased pension costs.
  7. Budget Appropriations: Allocates state funds to support these pension changes.

The bill amends existing statutes related to school district pension adjustment revenue (Minnesota Statutes 2024, sections 126C.10, 354.42, 354.44, and 356.415).

Bill text versions

Actions

DateChamberWhereTypeNameCommittee Name
March 12, 2025SenateFloorActionIntroduction and first reading
March 12, 2025HouseFloorActionIntroduction and first reading
March 12, 2025HouseFloorActionReferred toState and Local Government
March 12, 2025SenateFloorActionReferred toState and Local Government
March 12, 2025SenateFloorActionReferred toState and Local Government
March 31, 2025SenateFloorActionAuthor added
March 31, 2025SenateFloorActionAuthor added
April 02, 2025SenateFloorActionAuthor added
April 02, 2025SenateFloorActionAuthor added
April 09, 2025SenateFloorActionAuthor added
April 09, 2025SenateFloorActionAuthor added

Citations

 
[
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "Amendments to pension adjustment revenue calculations for school districts.",
      "modified": [
        "Adjusts the pension adjustment rates for Independent School District No. 625 (St. Paul) and for all other districts for fiscal years 2023 through 2026 and beyond."
      ]
    },
    "citation": "126C.10",
    "subdivision": "subdivision 37"
  }
]

Sponsors