Teachers Retirement Association provisions modifications; appropriating money

This bill modifies Minnesota's Teachers Retirement Association (TRA) rules to allow an unreduced retirement annuity for members who reach age 60 with 30 years of service, removing previous penalties for retiring early. It increases employer contributions from school districts to the TRA, raising rates to 9.5% for coordinated members and 13.5% for basic members after June 2025. The bill also adjusts pension adjustment revenue rates for school districts, setting higher rates (e.g., 2.05% for most districts, 3.25% for St. Paul) for fiscal years 2026 and later. These changes directly affect TRA members, current teachers, and school districts funding the retirement system.