Local governmental correctional service retirement plan modification

This bill modifies Minnesota's local government correctional service retirement plan by lowering contribution rates and increasing postretirement benefit adjustments. It reduces employee contributions from 6.83% to 6% of salary and employer contributions from 10.25% to 9% of salary, with both changes taking effect on January 1, 2027. The legislation also raises the standard annual cost-of-living adjustment for retirees from 1% to 3%, with a maximum increase of 3% unless the plan's assets fall below certain thresholds, which would lower the maximum to 1.5%. These changes will affect current and future correctional service employees and retirees covered under the Public Employees Retirement Association plan.