Minnesota HF2318 increases pension adjustment revenue for school districts, raises employer contributions, and provides an unreduced retirement.

The bill HF2318 amends the Teachers Retirement Association in Minnesota by increasing the pension adjustment revenue for school districts. It raises employer contributions to the association and provides an unreduced retirement annuity for teachers who reach age 62 with 30 years of service. The bill also appropriates money from the general fund to various educational entities for increased employer pension contributions. The changes are set to take effect starting in fiscal year 2028, with annual increases of three percent of the prior fiscal year's base.

Minnesota HF2318 increases pension adjustment revenue for school districts, raises employer contributions, and provides an unreduced retirement.

The bill HF2318 amends the Teachers Retirement Association in Minnesota by increasing the pension adjustment revenue for school districts. It raises employer contributions to the association and provides an unreduced retirement annuity for teachers who reach age 62 with 30 years of service. The bill also appropriates money from the general fund to various educational entities for increased employer pension contributions. The changes are set to take effect starting in fiscal year 2028, with annual increases of three percent of the prior fiscal year's base.