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 either one percent or 50 percent of the federal Social Security Administration's cost-of-living adjustment if it exceeds two percent, with a cap of 1.5 percent. Additionally, the waiting period for receiving these adjustments has been reduced from 36 months to 12 months.

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 recipients with less than 12 months of benefits, the adjustment will be calculated as 1/12 of 1.5 percent for each full month of benefit receipt. Both sections of the bill will take effect for postretirement adjustments beginning on or after January 1, 2026.

Statutes affected:
Introduction: 356.415