Teachers Retirement Association; unreduced retirement annuity upon reaching age 60 with 30 years of service provided, early retirement reduction factors for annuity commencement before normal retirement age modified, postretirement adjustments increased, other various retirement provisions modified, and money appropriated.

HF 1582 modifies Minnesota's Teachers Retirement Association (TRA) benefits for educators. It allows teachers with 30 years of service to retire at age 60 without reduced annuity payments (previously requiring 35 years), adjusts early retirement penalties, and increases postretirement cost-of-living adjustments. The bill also raises employer contribution rates for school districts (from 13.3% to 17.3% for basic members) and increases pension adjustment revenue rates for school districts starting in 2026. These changes directly affect current and future TRA members, school districts funding retirement costs, and the state's retirement system budget.