This bill proposes extensive amendments to the Minnesota State Retirement System and the Public Employees Retirement Association, focusing on enhancing retirement benefits and clarifying eligibility criteria for various public employees. Key changes include increasing the formula multiplier and postretirement adjustments for the general state employees retirement plan, legislators, and unclassified retirement plans. The bill introduces new methods for calculating withdrawal liability, raises the cap on postretirement adjustments, and implements recommendations from work groups regarding correctional plan eligibility and amortization. It also establishes a work group to recommend pension plans for probation officers and 911 telecommunicators, while increasing employer contribution limits for certain retirement plans.

Specific legal language changes include the introduction of new definitions and provisions related to retirement annuity calculations, which will now account for service years after June 30, 2025, and modifications to refund repayments and deferred annuities. The bill clarifies that public employees include those who were members of the former Minneapolis Employees Retirement Fund as of June 29, 2010, and specifies that individuals whose salary from one governmental subdivision is never expected to exceed a certain threshold will not be eligible for retirement coverage. Additionally, the bill outlines optional membership provisions for certain public employees and establishes a correctional plan membership committee to oversee changes in employment positions. Overall, the amendments aim to streamline the retirement process and enhance the benefits framework for public employees in Minnesota.

Statutes affected:
Introduction: 352.22, 356.636
1st Engrossment: 352.115, 352.22, 356.415, 353.01, 353.028, 353.27, 353.34, 353E.06, 353D.02, 353F.01, 353F.02, 353F.025, 353F.03, 353F.04, 353F.05, 353F.051, 353F.052, 353F.057, 353F.06, 353F.07, 353F.08, 353F.09, 352.01, 352.029, 352.03, 352.90, 352.93, 352.955, 352.91, 356.24, 424A.014, 424A.015, 424A.016, 424A.05, 424A.06, 424A.092, 424A.093, 424A.02, 356A.06, 187.03, 187.05, 187.07, 187.08, 187.11, 268.19, 353G.08, 356.215, 356.636, 3.85, 353G.11, 353G.17, 353G.19, 354B.215, 423A.022, 424A.08, 477B.02, 477B.03, 477B.04, 11A.07, 11A.27, 353D.01, 124E.12, 181.101, 356.633, 424B.22, 356.635
2nd Engrossment: 352.115, 352.22, 356.415, 353.01, 353.028, 353.27, 353.34, 353E.06, 353D.01, 353D.02, 353F.01, 353F.02, 353F.025, 353F.03, 353F.04, 353F.05, 353F.051, 353F.052, 353F.057, 353F.06, 353F.07, 353F.08, 353F.09, 352.01, 352.029, 352.03, 352.90, 352.93, 352.955, 352.91, 356.24, 424A.014, 424A.015, 424A.016, 424A.05, 424A.06, 424A.092, 424A.093, 424A.02, 356A.06, 187.03, 187.05, 187.07, 187.08, 187.11, 268.19, 353G.08, 356.215, 356.636, 353.65, 126C.10, 127A.50, 354.42, 354.44, 299A.465, 353.032, 352.92, 352B.02, 423A.022, 490.123, 3.85, 353G.11, 353G.17, 353G.19, 354B.215, 424A.08, 477B.02, 477B.03, 477B.04, 11A.07, 11A.27, 124E.12, 181.101, 356.633, 424B.22, 356.635