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 starting the year after they reach 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 based on the duration of annuity receipt. It establishes a clear framework for how increases will be calculated for both long-term and short-term annuity recipients, while also detailing exceptions for certain retirement scenarios. The effective date for these changes is set for July 1, 2025, for the retirement age adjustment and immediately following final enactment for the postretirement adjustment provisions.

Statutes affected:
Introduction: 354.44, 356.415