Teachers Retirement Association; definition of termination of teaching service clarified, age at which a teacher can receive a retirement annuity from the Teachers Retirement Association and enter into a return-to-work agreement lowered, and suspension of earnings limitation for retired teachers who return to teaching extended.

This bill modifies Minnesota's Teachers Retirement Association rules to allow teachers to retire and return to work starting at age 59 and a half instead of the previous age of 62. It clarifies that teachers who sign a return-to-work agreement before retiring at the new lower age do not count as having terminated their teaching service. The legislation also extends the temporary suspension of earnings limits for retired teachers who return to work from 2023 through 2031, allowing them to earn additional income without reducing their retirement benefits during that period. These changes affect current and future teachers who wish to retire and later return to the classroom while maintaining their retirement income.