This bill amends various sections of Minnesota Statutes concerning the Teachers Retirement Association, with a primary focus on enhancing retirement benefits for teachers. Key provisions include allowing an unreduced retirement annuity for members who reach age 60 with 30 years of service, modifying early retirement reduction factors, and increasing postretirement adjustments. The bill also eliminates the delay in postretirement adjustments for members retiring before the normal retirement age and raises employer contributions to the retirement fund. Specific amendments address pension adjustment revenue calculations and adjust employer contribution percentages for different school districts.

Additionally, the bill appropriates funds from the general fund to support increased employer pension contributions to the Teachers Retirement Association for fiscal years 2026 and 2027, with a provision for annual increases thereafter. It specifies effective dates for certain provisions, including pension adjustment revenue effective for fiscal years 2026 and later, and employer contribution changes effective July 1, 2025. The bill also outlines appropriations for general education aid through the Department of Education for fiscal years 2026 and 2027, aimed at supplementing existing funding for educational purposes.

Statutes affected:
Introduction: 126C.10, 127A.50, 354.42, 354.44, 356.415