Establishes a career rule for teachers aged 60 with 30 years of service in Minnesota.

This bill creates a career rule for teachers in Minnesota who are at least 60 years old and have 30 years of service. It amends the state statutes to adjust the pension contributions and calculations for these teachers. The bill specifies the employer contributions to the fund and the formula for computing the retirement annuity, including adjustments for early retirement and service years. It also details the pension adjustment rates for different fiscal years and the conditions under which retirement annuities are payable.

Establishes a career rule for teachers aged 60 with 30 years of service in Minnesota.

This bill creates a career rule for teachers in Minnesota who are at least 60 years old and have 30 years of service. It amends the state statutes to adjust the pension contributions and calculations for these teachers. The bill specifies the employer contributions to the fund and the formula for computing the retirement annuity, including adjustments for early retirement and service years. It also details the pension adjustment rates for different fiscal years and the conditions under which retirement annuities are payable.