This bill amends Minnesota Statutes 2024, specifically section 356.415, to enhance the postretirement adjustments for recipients of the public employees police and fire retirement plan and the State Patrol retirement plan. For the public employees police and fire retirement plan, the annual postretirement adjustment will now be calculated based on a percentage increase that is determined by the federal Social Security Administration's cost-of-living adjustments, with a minimum increase of one percent and a maximum of 1.5 percent. Additionally, the waiting period for receiving these adjustments has been reduced from 36 months to 12 months for recipients of annuities, disability benefits, or survivor benefits.

For the State Patrol retirement plan, the bill increases the postretirement adjustment from one percent to 1.5 percent for those who have been receiving benefits for at least 12 months. For those who have been receiving benefits for less than 12 months, the adjustment will be calculated on a pro-rata basis. The bill also stipulates that these adjustments will be made automatically unless the recipient opts out by providing written notice. Both sections of the bill will take effect for postretirement adjustments beginning on or after January 1, 2026.

Statutes affected:
Introduction: 356.415