Minnesota HF4514 reduces employee and employer contribution rates and increases postretirement adjustments for the local government correctional.

Minnesota HF4514 amends the local government correctional service retirement plan by reducing the employee contribution rate from 6.83% to 6% of salary and the employer contribution rate from 10.25% to 9% of salary, effective January 1, 2027. The bill also increases postretirement adjustments, with the percentage of increase determined by the federal Social Security Administration's cost-of-living adjustment, effective for adjustments beginning on or after January 1, 2027.

Minnesota HF4514 reduces employee and employer contribution rates and increases postretirement adjustments for the local government correctional.

Minnesota HF4514 amends the local government correctional service retirement plan by reducing the employee contribution rate from 6.83% to 6% of salary and the employer contribution rate from 10.25% to 9% of salary, effective January 1, 2027. The bill also increases postretirement adjustments, with the percentage of increase determined by the federal Social Security Administration's cost-of-living adjustment, effective for adjustments beginning on or after January 1, 2027.