Minnesota HF5031 creates a career rule for teachers aged 60 with 30 years of service.

Minnesota HF5031 amends the state's retirement laws to establish a career rule for teachers who have reached the age of 60 and have at least 30 years of service. This bill modifies the annuity calculation for these teachers, ensuring that their retirement benefits are determined based on specific criteria. The changes affect the computation of formula program annuities, the employer contribution rates, and the pension adjustment revenue for certain districts.

Minnesota HF5031 creates a career rule for teachers aged 60 with 30 years of service.

Minnesota HF5031 amends the state's retirement laws to establish a career rule for teachers who have reached the age of 60 and have at least 30 years of service. This bill modifies the annuity calculation for these teachers, ensuring that their retirement benefits are determined based on specific criteria. The changes affect the computation of formula program annuities, the employer contribution rates, and the pension adjustment revenue for certain districts.