This Minnesota legislative bill aims to modify the retirement rules for public employees, specifically those in the police and fire services. It allows these employees to start receiving their normal retirement pensions without any reductions or suspensions once they turn 55, even if they get reemployed. The bill makes several key changes to existing statutes:

1. Definition Adjustments: It amends the definition of "retirement age" to include both the U.S. federal definition and specifically 55 years for police and fire personnel under certain plans.

2. Annuity Suspension: The bill also clarifies the conditions under which an annuity will be suspended due to reemployment. Notably, it specifies that an annuity should not be suspended based on income if the annuitant has reached retirement age.

3. Retirement While Employed: It introduces provisions for those police and fire service members who reach 55 years and are partially or fully vested, allowing them to apply for and receive their pension while still employed, with their annuity starting no earlier than their 55th birthday.

4. Contributions: Once an employee starts receiving their annuity, neither they nor their employer will continue contributing to the retirement plan, and the amount of the annuity cannot increase or decrease due to continued employment.

These changes are proposed to make it easier for public safety employees to manage their retirement planning and financial stability, recognizing their unique contributions to society.