Minnesota SF4373 modifies the definition of "salary" to exclude pay from the family and medical benefit insurance account for Minnesota Paid Leave.

Minnesota SF4373 amends the definition of "salary" in the Minnesota State Retirement System, Public Employees Retirement Association, Teachers Retirement Association, and St. Paul Teachers' Retirement Fund Association. The bill excludes pay from the family and medical benefit insurance account for Minnesota Paid Leave from the definition of salary. This change affects how compensation is calculated for retirement benefits, specifically excluding certain payments from the total salary used in these calculations. The amendments are effective retroactively from January 1, 2026.

Minnesota SF4373 modifies the definition of "salary" to exclude pay from the family and medical benefit insurance account for Minnesota Paid Leave.

Minnesota SF4373 amends the definition of "salary" in the Minnesota State Retirement System, Public Employees Retirement Association, Teachers Retirement Association, and St. Paul Teachers' Retirement Fund Association. The bill excludes pay from the family and medical benefit insurance account for Minnesota Paid Leave from the definition of salary. This change affects how compensation is calculated for retirement benefits, specifically excluding certain payments from the total salary used in these calculations. The amendments are effective retroactively from January 1, 2026.