HF139

HF139 (Legislative Session 94 (2025-2026))

Public employees police and fire retirement plan; state patrol retirement plan; postretirement adjustments increased, and waiting period for a postretirement adjustment decreased for the public employees police and fire retirement plan.

Related bill: SF1122

AI Generated Summary

This legislative bill aims to modify the retirement benefits for public employees who are part of the police and fire retirement plan in Minnesota. The key changes proposed are:

An annual increase in the retirement, disability, or survivor benefits starting January 1 each year, based on certain conditions.
The standard increase will be 1%. If the federal Social Security Administration announces a cost-of-living adjustment (COLA) more than 2% at the end of the prior year, the increase for the beneficiaries will be 50% of the COLA, but it will not exceed 1.5%.
The waiting period for receiving this increase will be reduced. Previously, beneficiaries needed to have received their benefit for at least 36 months; this bill proposes reducing it to 25 months.

Essentially, this bill is intended to provide slightly higher and quicker post-retirement adjustments for beneficiaries of the police and fire retirement plan, aligning it somewhat with inflation and cost of living changes announced by the federal government.

Bill text versions

Introduction PDF file

Actions

Date	Chamber	Where	Type	Name	Committee Name
February 09, 2025	House	Floor	Action	Introduction and first reading, referred to	State Government Finance and Policy

Citations

[
  {
    "analysis": {
      "added": [
        "New provisions for automatic cost-of-living adjustments linked to federal Social Security adjustments."
      ],
      "removed": [
        "Prior constraints on adjustments for recipients with less than 36 months of annuity receipt."
      ],
      "summary": "This bill modifies the conditions for postretirement adjustments in the public employees police and fire retirement plan under section 356.415.",
      "modified": [
        "Revised the percentages applicable for annual adjustments in various cases."
      ]
    },
    "citation": "356.415"
  },
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "References federal Social Security cost-of-living adjustment standards used to determine state retirement adjustments.",
      "modified": []
    },
    "citation": "42 U.S.C. § 415(i)"
  }
]