The bill proposes extensive amendments to the Minnesota State Retirement System and the Public Employees Retirement Association (PERA), focusing on enhancing retirement formulas, postretirement benefits, and compliance mechanisms. Key changes include an increase in the formula multiplier for the general state employees retirement plan, enhancements to postretirement adjustments for legislators and unclassified retirement plans, and an increase in the cap on postretirement adjustments for the general employees retirement plan. The bill also introduces new provisions for the Minnesota Secure Choice Retirement Program, including penalties for noncompliance and the authority for pension fund executive directors to correct errors. Additionally, it establishes a work group to recommend pension plans for probation officers and 911 telecommunicators, modifies public safety benefits, and provides benefit increases for the teacher retirement association.

Furthermore, the bill clarifies eligibility criteria for public employees, including those from the former Minneapolis Employees Retirement Fund, and introduces optional membership provisions for certain public employees. It also amends the criteria for disability benefits, expands participation in defined contribution plans, and updates the approval process for psychological treatment related to occupational duties. The bill includes various effective dates for the changes, with some provisions taking effect as early as July 1, 2025, and others retroactively from July 1, 2023. Overall, the bill aims to modernize Minnesota's retirement system, ensuring clarity, compliance, and enhanced benefits for public employees.

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