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 is 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 expands the definition of "relief association" to include paid on-call firefighters and introduces new definitions for different firefighter roles. It outlines the conditions for service pensions, including eligibility for volunteer emergency medical personnel, and specifies the requirements for municipalities regarding amendments to retirement plans. 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
3rd 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
4th 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
1st Unofficial 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