Public Employees Retirement Association and general employees retirement plan; circumstances under which the additional employer contribution is repealed modified, and postretirement adjustments increased.

HF 2821 modifies Minnesota's public employee retirement system by changing when additional employer contributions end and increasing cost-of-living adjustments for retirees. It repeals the extra employer contribution once the retirement fund's assets reach 98% of liabilities (based on actuarial reports), effective after March 31 of the year following the valuation. The bill also raises the maximum annual cost-of-living adjustment for PERA retirees from 1.5% to 1.75%, but this higher rate drops to 1.5% if fund assets fall below 85% of liabilities. These changes directly affect current and future retirees in Minnesota's Public Employees Retirement Association (PERA) system and the state/local governments that fund the retirement plans.