Teachers Retirement Association employer and employee contributions increase and unreduced retirement annuity upon reaching the age of 62 with 30 years of service provision

This bill increases retirement contributions for Minnesota public school teachers in the Teachers Retirement Association (TRA). It raises employee contributions from 11.25% to 11.5% (basic program) and 7.75% to 8.0% (coordinated program) for 2025-2026, with further hikes to 12.5% and 9.0% after 2026. Employer contributions also rise, reaching 10.01% for coordinated members and 14.01% for basic members after 2026. Additionally, it provides an unreduced retirement annuity to members who reach age 62 with 30 years of service, allowing them to retire without penalty before the standard retirement age. The bill directly affects current and future TRA members employed by Minnesota public school districts.