The proposed 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 section 354.44, subdivision 6, to allow members who retire early to receive a retirement annuity without a reduction if they have 30 or more years of service credit, and it adjusts the reduction factors for those retiring before the normal retirement age. 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 the year after they reach normal retirement age.

Additionally, the bill introduces new language regarding annual postretirement adjustments, specifying the conditions under which recipients of retirement annuities, disability benefits, or survivor benefits will receive increases. It removes previous provisions that set specific percentages for postretirement increases for certain years and replaces them with a more streamlined approach for adjustments based on the duration of benefit receipt. The effective date for the changes in section 354.44 is set for July 1, 2025, while the adjustments in section 356.415 will take effect the day following final enactment.

Statutes affected:
Introduction: 354.44, 356.415