This bill amends the Minnesota Statutes to allow members of the public employees police and fire retirement plan to receive their normal retirement annuity without reduction or suspension upon reemployment if they are 55 years of age or older. Specifically, it introduces a new subdivision in section 353.01 that defines "annuity starting date" and modifies section 353.37 to clarify that retirement age includes 55 years for this retirement plan. Additionally, it establishes that an annuity will not be suspended based on reemployment income for those who have reached retirement age.

Furthermore, the bill proposes a new section, 353.6515, which outlines the eligibility criteria for receiving a retirement annuity while still employed. Members who are at least 55 years old and vested can apply for their annuity without separating from public service, and their continued employment will not affect the amount of their annuity. The bill also specifies that no further contributions to the retirement plan will be made by the member or their employer due to this continued employment. The provisions of this bill are set to take effect on January 1, 2025.

Statutes affected:
Introduction: 353.01, 353.37