MN
Minnesota House Bill HF3972

Minnesota 2023-2024 Regular Session

Minnesota House Bill HF3972

Introduced
2/19/24  

Caption

Teachers Retirement Association; early retirement reduction factors for annuity commencement before normal retirement age modified, and pension adjustment revenue increased for school districts.

Impact

The modifications set forth in HF3972 are expected to impact the calculation methods for retirement annuities and the respective employer contributions for school districts. By adjusting the early retirement reduction factors, the bill addresses fairness for those looking to retire before reaching the normal age, making it more equitable for long-serving educators. Furthermore, the increase in pension adjustment revenue required from school districts provides a means to stabilize financial resources necessary for pension obligations, crucial in maintaining the system's viability and the benefits promised to educators.

Summary

House File 3972 modifies certain aspects of the Teachers Retirement Association related to early retirement and pension funding. Specifically, the bill revises the early retirement reduction factors that are applied to annuities commencing before the normal retirement age, ensuring a recalibration of these factors for beneficiaries. Additionally, it proposes an increase in employer contributions towards pension adjustments, which is a financial requirement for school districts in Minnesota. These changes aim to enhance the financial stability of the retirement fund while supporting educators' financial security upon retirement.

Contention

While the bill proposes beneficial changes, it does not come without contention, especially concerning the increased financial liabilities imposed on school districts. Stakeholders, including educators and educational administrators, have raised concerns regarding the implications of higher employer contributions potentially straining budgets already burdened by other financial pressures. Additionally, deliberation is likely to focus on the balance between adequate retirement provisions for educators and the fiscal sustainability of these enhanced benefits, which could lead to broader discussions on educational funding and teacher compensation.

Latest MN HF3972 Activity

View All Events: MN 2023-2024 Regular Session HF3972

Companion Bills

MN SF4196

Similar To Teachers retirement association early retirement reduction factors for annuity commencement before normal retirement age modification; employer contributions modifications; pension adjustment revenue for school districts increase

Previously Filed As

MN SF4196

Teachers retirement association early retirement reduction factors for annuity commencement before normal retirement age modification; employer contributions modifications; pension adjustment revenue for school districts increase

MN HF3052

Teachers Retirement Association; unreduced retirement annuity provided upon reaching age 60 with 30 years of service, early retirement reduction factors modified for annuity commencement before normal retirement age, postretirement adjustments increased, other various retirement provision modified, and money appropriated.

MN HF1582

Teachers Retirement Association; unreduced retirement annuity upon reaching age 60 with 30 years of service provided, early retirement reduction factors for annuity commencement before normal retirement age modified, postretirement adjustments increased, other various retirement provisions modified, and money appropriated.

MN HF2222

Teacher Retirement Association and St. Paul Teacher Retirement Fund Association; unreduced retirement requirements amended, deferred annuities augmentation restored, additional service credit provided, postretirement adjustments modified, employer contributions increased, pension adjustment revenue increased for school districts, and money appropriated.

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.

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 HF3294

Higher education individual retirement account plan; normal retirement age lowered to age 64, employee and employer contributions increased, end of amortization period extended to 2053, pension adjustment revenue increased for school districts, and money appropriated.

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 SF3314

Teachers Retirement Association higher education individual retirement account plan provisions modifications and appropriations

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.

Similar Bills

MN HF2950

Pension policy bill.

MN SF3016

Eligible employees of Minnesota State Colleges and Universities authorization who are members of the higher education individual retirement account plan to elect coverage by the Teacher Retirement Association and receive retroactive service credit

MN HF1669

Public employees defined contribution plan; eligibility to permit appointed local government officials to participate amended, and retroactive participation permitted.

MN HF2487

Public employees defined contribution plan; eligibility to permit appointed local government officials to participate amended, and retroactive participation permitted.

MN SF2897

Eligibility amendment to permit appointed local government officials to participate in contribution plan

MN SF3169

Amending eligibility to permit local government officials to participate in public employees defined contribution plan

MN SF5197

Foreign citizens employed by public employers on a H-1B, H-1B1, or E3 visa authorization to purchase service credit for a prior period of employment as an excluded employee

MN HF5311

General state employees retirement fund; foreign citizens employed by public employers on a H-1B, H-1B1, or E3 visa authorized to purchase service credit a for prior period of employment as an excluded employee.