Increases employer and employee contributions to the Teachers Retirement Association and provides for an unreduced retirement annuity for members.

This bill amends the Teachers Retirement Association in Minnesota by increasing employer and employee contributions. It specifies new contribution rates for different periods, with the employee contribution increasing from 7.5% to 9.0% and the employer contribution varying based on the member's years of service and the district. The bill also establishes an unreduced retirement annuity for members who reach age 62 with at least 30 years of service.

Increases employer and employee contributions to the Teachers Retirement Association and provides for an unreduced retirement annuity for members.

This bill amends the Teachers Retirement Association in Minnesota by increasing employer and employee contributions. It specifies new contribution rates for different periods, with the employee contribution increasing from 7.5% to 9.0% and the employer contribution varying based on the member's years of service and the district. The bill also establishes an unreduced retirement annuity for members who reach age 62 with at least 30 years of service.