This bill modifies provisions related to the St. Paul Teachers Retirement Fund Association and increases the pension adjustment revenue for Independent School District No. 625. Key amendments include changes to the pension adjustment rate for Independent School District No. 625, which will be set at 5.95 percent for fiscal year 2027, while the rate for other districts will be 1.25 percent for fiscal year 2025 and 2.31 percent for fiscal year 2026 and later. Additionally, the bill stipulates that cooperative units will qualify for pension adjustment revenue as if they were districts, with the generated aid being required to be paid to the cooperative unit.

The bill also introduces new effective dates for various provisions, including employee and employer contribution rates, which will take effect on July 1, 2026. Furthermore, it establishes a postretirement adjustment of 1.5 percent effective January 1, 2027, for eligible members, replacing previous provisions that included no adjustments for certain years. The bill includes appropriations from the general fund to the Department of Education for fiscal years 2026, 2027, and 2028, ensuring additional funding for general education aid.

Statutes affected:
Introduction: 127A.50, 354A.12, 354A.29