This bill proposes a comprehensive overhaul of retirement systems in Minnesota, specifically targeting the Minnesota State Retirement System, the Public Employees Retirement Association, and the Teachers Retirement Association. Key provisions include reductions in employee and employer contribution rates, enhancements to post-retirement adjustments, and the establishment of new retirement plans for probation officers and telecommunicator employees. The bill also introduces direct state aid for the St. Paul Teachers Retirement Fund Association, modifies the termination process for firefighter relief associations, and includes special legislation for certain fire departments and individuals with omitted service or missing retirement accounts. Significant amendments to existing statutes involve changes to definitions related to retirement coverage, the election process for labor organization employees, and eligibility criteria for deputy state marshals.

Additionally, the bill outlines new requirements for employee contributions, including a lump-sum payment option for eligible employees, and mandates timely employer contributions to pension plans. It also clarifies the treatment of compensation for various public employees, updates reporting requirements, and introduces provisions for the local government probation and telecommunicator retirement plan. The bill aims to streamline the retirement process, enhance the sustainability of retirement funds, and ensure compliance with updated policies. Effective dates for many provisions are set for January 1, 2027, with specific sections related to state aid and post-retirement adjustments beginning on or after that date.

Statutes affected:
Introduction: 352.87, 352.021, 352.029, 352.115
1st Engrossment: 352.87, 11A.07, 352.021, 352.029, 352.115
2nd Engrossment: 352.021, 352.029, 352.115, 352.87, 353E.03, 356.415, 354.05, 354.07, 354.444, 354.48, 354A.011, 354A.021, 354A.12, 356.219, 352.75, 352.951, 356.315, 353.01, 353.0141, 353.031, 353.15, 353.27, 353.30, 353.33, 353.34, 353.37, 353.46, 356.20, 356.214, 356.302, 356.303, 356.32, 356.401, 356.461, 356.465, 356.47, 356.48, 356.611, 353G.02, 353G.08, 424A.001, 424A.014, 424A.016, 424B.22, 424A.01, 43A.346, 352.01, 352.1155, 353.371, 354.44, 354.445, 354A.095, 356.30, 187.03, 187.05, 187.06, 187.07, 187.08, 356.24, 352.98, 11A.07, 6.496, 11A.17, 144F.01, 299K.03, 299N.02, 353D.03, 353G.18, 356.216, 356.635, 356.65, 356B.02, 423A.02, 424B.10, 465.90, 354A.29
3rd Engrossment: 352.021, 352.029, 352.115, 352.87, 353E.03, 356.415, 354.05, 354.07, 354.444, 354.48, 354A.011, 354A.021, 354A.12, 356.219, 352.75, 352.951, 356.315, 353.01, 353.0141, 353.031, 353.15, 353.27, 353.30, 353.33, 353.34, 353.37, 353.46, 356.20, 356.214, 356.302, 356.303, 356.32, 356.401, 356.461, 356.465, 356.47, 356.48, 356.611, 353G.02, 353G.08, 424A.001, 424A.014, 424A.016, 424B.22, 424A.01, 43A.346, 352.01, 352.1155, 353.371, 354.44, 354.445, 354A.095, 356.30, 187.03, 187.05, 187.06, 187.07, 187.08, 356.24, 352.98, 11A.07, 6.496, 11A.17, 144F.01, 299K.03, 299N.02, 353D.03, 353G.18, 356.216, 356.635, 356.65, 356B.02, 423A.02, 424B.10, 465.90, 354A.29