This bill amends the Minnesota Statutes to lower the age for enhanced early retirement reduction from 62 to 60 for members of the Teachers Retirement Association. Specifically, it modifies the retirement annuity calculations to reflect this change, allowing members who retire at age 60 to receive a normal annuity without the previous reduction penalties that applied to those retiring before age 62. The bill also clarifies the postretirement adjustment delay, ensuring that members who retire after July 1, 2024, will receive annual postretirement adjustments based on their retirement annuity starting from the year following their attainment of normal retirement age.

Additionally, the bill introduces new legal language regarding the annual postretirement adjustments, specifying the conditions under which these adjustments will be applied to retirement annuities, disability benefits, and survivor benefits. It establishes a framework for calculating these adjustments based on the duration of benefit receipt and the member's age at retirement. The effective date for the changes related to retirement age is set for July 1, 2025, while the provisions regarding postretirement adjustments take effect the day following final enactment.

Statutes affected:
Introduction: 354.44, 356.415