This bill amends various sections of the Minnesota Statutes to establish a career rule for teachers aged 60 with at least 30 years of service. It modifies the pension adjustment revenue calculations for school districts, specifically addressing the pension adjustment rate for Independent School District No. 625 in St. Paul, which has been adjusted from a tiered percentage system to a new structure. The bill also clarifies the employer contributions to the Teachers Retirement Association and the St. Paul Teachers' Retirement Fund Association, ensuring that the contributions are consistent across different school districts.

Additionally, the bill revises the computation of retirement annuities for teachers, particularly focusing on those who retire early or have reached the age of 60 with the requisite years of service. It introduces new language regarding the calculation of annuities, including adjustments based on age and service years, while removing previous provisions that specified reductions for early retirement. The changes aim to provide clearer guidelines for retirement benefits and ensure that teachers who meet the new criteria are adequately supported in their retirement planning.

Statutes affected:
Introduction: 127A.50