This bill amends various provisions related to the Teachers Retirement Association (TRA) in Minnesota, primarily focusing on the retirement age and the conditions under which retired teachers can return to work. It lowers the age at which teachers can receive a retirement annuity and enter into a return-to-work agreement from 62 to 59.5 years. Additionally, the bill clarifies the definition of "termination of teaching service" to specify that a member is not considered to have terminated their service if they have a contract to resume teaching before reaching the new retirement age.

Furthermore, the bill extends the suspension of earnings limitations for retired teachers who return to teaching, allowing them to earn a salary without deferring their annuity payments. The temporary suspension applies to earnings during specific fiscal years, now including 2028, 2029, and 2030, and extends the expiration date of this provision to January 1, 2032. The bill also includes new legal language regarding the mutual agreement required for work agreements between retired teachers and employing units, ensuring that no rights under collective bargaining agreements are waived as a condition of participation. The changes are set to take effect the day following final enactment.

Statutes affected:
Introduction: 354.05, 354.444