MN
Minnesota Senate Bill SF4196

Minnesota 2023-2024 Regular Session

Minnesota Senate Bill SF4196

Introduced
2/26/24  

Caption

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

Impact

If enacted, SF4196 will have significant implications for state laws governing the Teachers Retirement Association. It will modify the criteria under which teachers can receive their pension benefits and adjust employer contribution rates to ensure that there is a consistent and adequate flow of funds towards teacher pensions. The bill aims to ensure that pension benefits align with current economic conditions and teaching employment practices. Overall, it seeks to strengthen the retirement benefits system for educators.

Summary

SF4196 is a legislative bill introduced in Minnesota that seeks to amend existing retirement regulations for teachers through modifications to the Teachers Retirement Association (TRA). The bill directly relates to early retirement reduction factors for those whose annuity commencement occurs before the normal retirement age. Additionally, the bill proposes to increase employer contributions towards the TRA, as well as amend provisions governing pension adjustment revenue for school districts. These changes are intended to enhance the sustainability and adequacy of teacher pensions within the state.

Contention

There may be points of contention surrounding the implications of increased employer contributions, especially among school district stakeholders who may be concerned about budget impacts. Additionally, modifying the early retirement reduction factors might lead to differing opinions on how adequately teachers' retirement needs are being met. While some stakeholders likely support the measures as necessary for safeguarding pension benefits, others may view the changes as potentially burdensome or insufficiently addressing the needs of retiring educators.

Latest MN SF4196 Activity

View All Events: MN 2023-2024 Regular Session SF4196

Companion Bills

MN HF3972

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

Previously Filed As

MN HF3972

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

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 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 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 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 SF2000

Teachers Retirement Association provisions modifications and appropriation

MN SF2523

Teachers Retirement Association provisions modifications and appropriation

MN SF3507

Teachers Retirement Association provisions modifications; appropriating money

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 SF3169

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

MN HF1669

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 HF2487

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

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.