Minnesota 2023-2024 Regular Session

Minnesota Senate Bill SF3822

Introduced
2/19/24  

Caption

Select Department of Corrections employees unreduced early retirement annuity if the employee is at least 62 years old or has at least 30 years of service provision

Impact

If enacted, SF3822 will modify existing statutes pertaining to the Minnesota State Retirement System, directly impacting the benefits available to specific employees in the corrections field. The proposed modifications could decrease the financial burden on eligible employees seeking early retirement, allowing them to receive full retirement benefits without penalties that typically accompany early withdrawals. Consequently, this could encourage better retention and job satisfaction among corrections personnel, whose roles are often demanding and stressful.

Summary

Senate File 3822 proposes amendments to the Minnesota State Retirement System specifically aimed at certain employees within the Department of Corrections. The bill introduces a provision for unreduced early retirement annuities for eligible employees who are at least 62 years old or have at least 30 years of service. This bill is significant as it aims to enhance the retirement benefits for a specific group of state employees, recognizing the unique challenges and demands of their roles.

Contention

While the bill has the potential to benefit a select group of corrections employees, it may also lead to discussions surrounding equity in state retirement benefits. Critics might argue that prioritizing benefits for specific departments could create disparities among other public sector employees who do not have access to similar retirement provisions. Moreover, there could be concerns regarding the fiscal implications of extending such benefits, with opponents advocating for broader reforms that address retirement benefits for all state employees rather than targeted amendments.

Companion Bills

MN HF3675

Similar To Minnesota State Retirement System general state employees retirement plan; unreduced early retirement annuity provided to select Department of Corrections employees if the employee is at least 62 years old or has at least 30 years of service.

Previously Filed As

MN HF3675

Minnesota State Retirement System general state employees retirement plan; unreduced early retirement annuity provided to select Department of Corrections employees if the employee is at least 62 years old or has at least 30 years of service.

MN SF4348

Unreduced retirement annuity provision upon reaching age 62 with 30 years of service

MN SF3177

Modifying the retirement annuity statues to authorize an unreduced normal retirement annuity when age and service equal at least 90

MN HF3808

Unreduced retirement annuity provided upon reaching age 62 with 30 years of service, and employee contribution rate increased for Teacher Retirement Association.

MN HF3181

Teachers Retirement Association and St. Paul Teacher Retirement Fund Association; retirement annuity statutes modified to authorize an unreduced normal retirement annuity when age and service equal at least 90.

MN HF2341

Teachers Retirement Association; unreduced retirement annuity upon reaching age 60 with 30 years of service provided, various other retirement provisions modified, employer contributions increased, and money appropriated.

MN SF3239

Teachers Retirement Association (TRA) pension adjustment revenue for school districts increase provision, employer contributions increase provision, unreduced retirement annuity upon reaching age 62 with 30 years of service provision, and appropriation

MN SF1986

Unreduced early retirement annuity for probation agency employees authorization; probation agency employee contributions increase authorization

MN HF1779

Unreduced early retirement annuity authorized for probation agency employees, and employee contributions increased for probation agency employees increased beginning January 1, 2026.

MN HF2318

Teachers Retirement Association; pension adjustment revenue increased for school districts, employer contributions increased, unreduced retirement annuity provided upon reaching age 62 with 30 years of service, and money appropriated.

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