Minnesota SF4860 increases pension adjustment revenue for Independent School District No. 625.

SF4860 modifies the pension adjustment revenue for Independent School District No. 625 in Minnesota. It sets the pension adjustment rate at 2.3 percent for fiscal year 2023, 2.5 percent for fiscal years 2024 and 2025, 3.25 percent for fiscal year 2026, and 5.95 percent for fiscal year 2027 and later. The bill also adjusts the employer contribution rates for the St. Paul Teachers Retirement Fund Association and specifies the effective dates for these changes. This legislation aims to ensure the district's pension adjustment revenue aligns with the outlined rates starting from fiscal year 2027.

Minnesota SF4860 increases pension adjustment revenue for Independent School District No. 625.

SF4860 modifies the pension adjustment revenue for Independent School District No. 625 in Minnesota. It sets the pension adjustment rate at 2.3 percent for fiscal year 2023, 2.5 percent for fiscal years 2024 and 2025, 3.25 percent for fiscal year 2026, and 5.95 percent for fiscal year 2027 and later. The bill also adjusts the employer contribution rates for the St. Paul Teachers Retirement Fund Association and specifies the effective dates for these changes. This legislation aims to ensure the district's pension adjustment revenue aligns with the outlined rates starting from fiscal year 2027.