The bill amends Minnesota Statutes 2024, section 354.44, subdivision 9, to modify the election process for a deferred vested member's retirement annuity. It introduces new provisions that allow members who terminated their teaching service before June 30, 2025, to elect a retirement annuity calculated under specific guidelines, including using a normal retirement age of 65. Notably, these members are not required to return to covered service after June 30, 2025, to qualify for this annuity calculation.

Additionally, the bill specifies that members not receiving a retirement annuity must have earned at least one-half year of credited service after returning to covered service to be eligible for improved benefits from any law changes enacted after their termination. The new legal language clarifies the conditions under which members can elect their retirement annuity and establishes an effective date for these changes as the day following final enactment.

Statutes affected:
Introduction: 354.44