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.
This bill modifies Minnesota's local government correctional service retirement plan by lowering contribution rates for both employees and employers while increasing the minimum postretirement cost-of-living adjustment. Starting January 1, 2027, employees will contribute six percent of their salary instead of the previous 6.83 percent, and employers will contribute nine percent instead of 10.25 percent. The plan's annual benefit increases for retirees will be raised from a minimum of 1.5 percent to 2 percent, with a maximum increase of 3 percent instead of the previous 2.5 percent, unless the plan's assets fall below certain thresholds. These changes directly affect correctional officers and other employees covered by the Public Employees Retirement Association's local government correctional retirement plan in Minnesota.
This bill modifies Minnesota's deferred compensation plan requirements to enhance transparency and flexibility for public sector employees. It mandates that plan administrators or vendors disclose annual fee information and historical investment returns for each available fund in a clear, understandable format. The legislation also updates matching contribution rules, allowing employers to match employee contributions dollar-for-dollar up to specific limits and permitting additional matching for qualified student loan payments. These changes apply to employees of school districts, state agencies, and other governmental subdivisions, while excluding certain university system employees.
This bill modifies Minnesota's deferred compensation plan requirements to improve transparency and flexibility for public sector employees. It mandates that plan administrators or vendors annually disclose all fees and historical rates of return for investment funds in an easily understandable format, while removing the previous requirement to file these statements with the Legislative Commission on Pensions and Retirement. The legislation also updates matching contribution rules to allow employers to match employee deferrals on a dollar-for-dollar basis up to specified limits and permits matching contributions toward qualified student loan payments under the Secure 2.0 Act. These changes apply to employees of school districts, state agencies, and other governmental subdivisions, excluding those covered by the Higher Education Supplemental Retirement Plan.
This bill modifies Minnesota's public employees police and fire retirement plan to allow retired police officers to return to work as active officers while keeping their pension benefits. It applies to police officers who have at least five years of service and are receiving or applying for an annuity, enabling them to rejoin their city police force as early as 31 days after retirement. The legislation sets rules for reemployment, including that the city must hire based on need, the position can last up to one year with possible annual renewal, and the officer's pension amount remains unchanged during this period. Additionally, the bill limits how many retired police officers a city can employ at once, though the specific numerical cap is cut off in the provided text.
This bill modifies retirement rules for teachers in Minnesota's Teachers Retirement Association, lowering the age for retirement and return-to-work agreements from 62 to 59½. It allows teachers at or above the new age to retire and sign a written agreement to return to teaching, with work terms mutually agreed upon by the teacher and school district. The legislation also extends the temporary suspension of earnings limitations for retired teachers who return to work, covering salary earned through 2030 and annuity payments through 2031. These changes affect current and future teachers seeking to retire and potentially return to the classroom while receiving pension benefits.
This bill modifies contribution rates for the Minnesota General Employees Retirement Plan, affecting both public employees and their employers. It lowers employee contributions from 6.5% to 5.5% of salary for school employees starting July 1, 2026, while employer contributions for the same group decrease from 6.5% to 7.5% over the same period. The changes apply only to coordinated members of the retirement plan, with basic members maintaining their current 9.10% contribution rate. The legislation updates Minnesota Statutes 2024, section 353.27, to reflect these new contribution percentages for different employee categories.
This bill establishes a new program allowing Minnesota state employees to redirect their employer matching contributions from a deferred compensation plan into a Launch Account, which is designed to help save for a child's future financial needs. The program would require the commissioner of management and budget to set up the system by July 4, 2026, and must be available to all state employees on equal terms. Employees could either contribute their own salary to the account or direct their employer's matching funds that would normally go to their retirement plan into this child-focused savings vehicle. The bill defines specific rules for opening accounts, including priority order for who can open an account for a child, and requires the program to follow federal tax code requirements for similar savings accounts.
This bill allows police and fire retirees in Minnesota to return to work without having their retirement payments reduced or stopped. It specifically applies to members of the Public Employees Police and Fire Retirement Plan who rejoin covered employment positions. Under the new rules, retirees can resume work as early as 31 days after leaving their previous jobs, and their annuity payments will remain unchanged regardless of their new salary. The legislation also clarifies that no additional contributions are required from either the retiree or their employer during the reemployment period.
This bill modifies how deferred vested members in Minnesota's public retirement system can choose their retirement annuity. It allows members who stopped teaching before June 30, 2025, to elect a retirement calculation method based on rules effective July 1, 2025, without needing to return to work. The change also clarifies that members returning to service after that date must earn at least six months of service to qualify for improved benefits from later law changes.
