This bill proposes changes to retirement benefits for members of the Teachers Retirement Association in Minnesota. It allows for an unreduced retirement annuity for members who reach age 62 with at least 30 years of service, eliminating the previous reduction factors that applied to early retirement. The bill also increases the employee contribution rate to the retirement fund, with specific amendments made to Minnesota Statutes 2022, section 354.44, subdivision 6, and Minnesota Statutes 2023 Supplement, section 354.42, subdivision 2.

The bill includes effective dates for the changes, specifically stating that the new provisions will take effect on July 1, 2024. The amendments clarify the calculation of retirement annuities, particularly for those retiring early, and ensure that members with the requisite age and service years can receive their full annuity without reductions. The adjustments aim to enhance retirement benefits for educators in Minnesota, reflecting a commitment to support their financial security in retirement.

Statutes affected:
Introduction: 354.44