General employees retirement plan employee and employer contributions modification

This bill modifies the contribution rates for the General Employees Retirement Plan in Minnesota, directly affecting public employees and their employers. It lowers the required employee contribution to 5.5% and the employer contribution to 7.5% for school employees starting July 1, 2026, while maintaining higher rates for other public sector workers. The legislation updates existing state statutes to reflect these new percentages, ensuring that salary deductions and employer payments align with the revised financial structure for the retirement plan.