This bill proposes several amendments to the retirement provisions for teachers in Minnesota, primarily focusing on the Teachers Retirement Association. Key changes include lowering the normal retirement age from 65 to 64 for new members, increasing both employee and employer contributions to the retirement fund, and extending the amortization period for the Teachers Retirement Association to 2053. Additionally, the bill modifies the pension adjustment revenue calculations for school districts, increasing the pension adjustment rate for Independent School District No. 625, St. Paul, and for other districts, raising it from 1.25 percent to 2.25 percent for fiscal year 2024 and later.

The bill also includes appropriations from the general fund to the Department of Education for general education aid, which will be allocated in the fiscal years 2024 and 2025. The specific amounts for these appropriations are not detailed in the summary but are intended to support the changes made to the retirement system and ensure adequate funding for educational purposes. Overall, the bill aims to enhance the financial stability of the Teachers Retirement Association while providing necessary support to school districts.

Statutes affected:
Introduction: 126C.10, 127A.50, 354.05, 354.42, 354B.23, 356.215