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. The bill removes specific percentage rates for fiscal years 2023 through 2026 and later, replacing them with new provisions that will affect how pension adjustments are calculated and distributed. Additionally, it allows cooperative units to qualify for pension adjustment revenue as if they were districts.

The bill also revises the employer contribution rates for the Teachers Retirement Association, particularly for Special School District No. 1 in Minneapolis and Independent School District No. 709 in Duluth. It updates the computation of retirement annuities, particularly for members who retire early or have specific service credits. Notably, it introduces a provision that allows members aged 60 with 30 years of service to receive a retirement annuity without the usual early retirement reductions, thereby enhancing their retirement benefits.

Statutes affected:
Introduction: 127A.50