Teachers Retirement Association provisions modifications and appropriation

This bill modifies Minnesota's Teachers Retirement Association (TRA) benefits and funding. It allows teachers with 30 years of service to retire at age 60 with a full annuity (previously required age 62), reduces early retirement penalties, and increases postretirement adjustments. It also raises employer contribution rates: for most districts, the rate increases to 9.5% for coordinated members and 13.5% for basic members starting July 1, 2025. School districts receive adjusted pension revenue funding based on new rates (e.g., 3.25% for St. Paul districts starting 2026), effective for fiscal years 2026 and later. The bill directly affects public school teachers and school districts participating in the TRA.