This bill proposes extensive amendments to Minnesota's retirement laws, particularly impacting the Teachers Retirement Association (TRA) and volunteer firefighter relief associations. A significant change includes the acceleration of the normal retirement age for TRA members from 66 to 65, effective July 1, 2024, instead of July 1, 2025. The bill also reduces employee contribution rates for the St. Paul Teachers Retirement Fund Association by 0.25 percent for two years and extends the suspension of earnings limitations for retired teachers returning to work. Additionally, it allows eligible employees of Minnesota State Colleges and Universities to elect TRA coverage and purchase past service credit. The bill introduces a defined contribution plan for volunteer firefighters, modifies existing plans, and clarifies eligibility criteria for various firefighter classifications, while also addressing the financial sustainability of relief associations.

Further provisions include the establishment of a process for transferring funds from individual retirement accounts to the TRA, ensuring that eligible individuals receive past service credit upon transfer. The bill also outlines new definitions and eligibility criteria for volunteer firefighters, including provisions for service pensions and deferred service pensions. It mandates that municipalities must ratify amendments to increase benefits, ensuring financial accountability. The effective dates for many changes are set for January 1, 2025, with some provisions taking effect as early as July 1, 2024. Overall, the bill aims to modernize and enhance the retirement benefits framework for teachers and firefighters in Minnesota, ensuring equitable treatment and support for their service.

Statutes affected:
Introduction: 354B.20
1st Engrossment: 354B.20, 424A.001, 424A.003, 424A.01, 424A.015, 424A.016, 424A.02, 424A.021, 424A.092, 424A.093, 424A.094, 424A.095, 424A.10, 424B.22, 352.1155, 353G.01, 353G.05, 353G.08, 353.028, 353.33, 11A.18, 353.64, 353D.02, 353E.03, 353E.04, 353E.06, 353D.071, 352.01, 352.03, 352.113, 352.12, 352.95, 356.24, 356.611, 356.62, 356.635, 353.65, 354.435, 354.436, 354A.12, 423A.02, 423A.022, 353.03, 354A.011, 354A.021, 354A.05, 354A.091, 354A.094, 354A.31, 354A.32, 353.27, 353.87, 356.215, 356A.06
2nd Engrossment: 354.44, 354B.20, 424A.001, 424A.003, 424A.01, 424A.015, 424A.016, 424A.02, 424A.021, 424A.092, 424A.093, 424A.094, 424A.095, 424A.10, 424B.22, 352.1155, 353G.01, 353G.05, 353G.08, 353.028, 353.33, 11A.18, 353.64, 353D.02, 353E.03, 353E.04, 353E.06, 353D.071, 352.01, 352.03, 352.113, 352.12, 352.95, 356.24, 356.611, 356.62, 356.635, 353.65, 354.435, 354.436, 354A.12, 423A.02, 423A.022, 353.03, 354A.011, 354A.021, 354A.05, 354A.091, 354A.094, 354A.31, 354A.32, 353.27, 353.87, 356.215, 356A.06