Augmentation of deferred annuities for public employees who left employment before January 1, 2019

The bill amends Minnesota Statutes to restore augmentation of deferred annuities for members who left public employment before January 1, 2019. It specifies the rates of augmentation for different periods and conditions, including for employees who became covered before or after July 1, 2006. The bill also mandates recalculations and adjustments to the ongoing annuity amounts for former state employees, public employees, and teachers, offering lump sum distributions where applicable. The changes are effective the day following final enactment.

Augmentation of deferred annuities for public employees who left employment before January 1, 2019

The bill amends Minnesota Statutes to restore augmentation of deferred annuities for members who left public employment before January 1, 2019. It specifies the rates of augmentation for different periods and conditions, including for employees who became covered before or after July 1, 2006. The bill also mandates recalculations and adjustments to the ongoing annuity amounts for former state employees, public employees, and teachers, offering lump sum distributions where applicable. The changes are effective the day following final enactment.