SF2000 (Legislative Session 94 (2025-2026))
Teachers Retirement Association provisions modifications and appropriation
Related bill: HF1582
AI Generated Summary
This bill proposes several changes to the Teachers Retirement Association (TRA) in Minnesota, including:
- Unreduced Retirement Annuity: Allows teachers to retire with full benefits at age 60 if they have 30 years of service.
- Early Retirement Adjustments: Modifies the reduction factors applied to retirement annuities for those who retire before the normal retirement age.
- Post-Retirement Benefit Increases: Increases post-retirement adjustments and removes the delay in receiving these adjustments for those who retire early.
- Employer Contribution Increases: Raises the contributions that school districts must pay for teachers' pensions.
- Increased Pension Adjustment Revenue for Schools: Adjusts the pension adjustment revenue formula for school districts, increasing funding to cover pension costs.
The bill also includes appropriations to support these changes and amends sections of the Minnesota Statutes (2024) related to teacher pensions and school district funding.
Bill text versions
- Introduction PDF file
Actions
| Date | Chamber | Where | Type | Name | Committee Name |
|---|---|---|---|---|---|
| February 26, 2025 | Senate | Floor | Action | Introduction and first reading | |
| February 26, 2025 | Senate | Floor | Action | Referred to | State and Local Government |
| March 02, 2025 | Senate | Floor | Action | Author added | |
| March 05, 2025 | Senate | Floor | Action | Author added |
Citations
[
{
"analysis": {
"added": [
"A new paragraph clarifying revenue caps for fiscal year 2028 and beyond."
],
"removed": [
"Proration requirement for fiscal year 2026 and 2027."
],
"summary": "This bill modifies the pension adjustment revenue calculation for school districts under section 126C.10.",
"modified": [
"Adjustment rate percentages for Independent School District No. 625 and other districts from fiscal year 2023 onward."
]
},
"citation": "126C.10"
},
{
"analysis": {
"added": [
"Clarification that cooperative units receive revenue as if they are a district."
],
"removed": [],
"summary": "This bill provides cooperative units eligibility for pension adjustment revenue under section 123A.26.",
"modified": []
},
"citation": "123A.26"
}
]