Teachers Retirement Association; unreduced retirement annuity upon reaching age 60 with 30 years of service provided, various other retirement provisions modified, employer contributions increased, and money appropriated.

HF 2341 allows teachers with 30 years of service to retire at age 60 without a reduced pension, modifying early retirement rules. It increases employer contributions to the Teachers Retirement Association from 13.3% to 13.5% for coordinated members and 17.3% to 17.5% for basic members after June 2025. The bill also raises postretirement adjustments and removes delays for these adjustments for early retirees. These changes directly affect Minnesota teachers and school districts, which will pay higher pension contributions starting July 2025.