Minnesota 2025-2026 Regular Session

Minnesota Senate Bill SF1122 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	1.1 A bill for an act
2	2	1.2 relating to retirement; public employees police and fire retirement plan; state patrol
3	3	1.3 retirement plan; increasing postretirement adjustments; decreasing the waiting
4	4	1.4 period for a postretirement adjustment for the public employees police and fire
5	5	1.5 retirement plan; amending Minnesota Statutes 2024, section 356.415, subdivisions
6	6	1.6 1c, 1e.
7	7	1.7BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
8	8	1.8 Section 1. Minnesota Statutes 2024, section 356.415, subdivision 1c, is amended to read:
9	9	1.9 Subd. 1c.Annual postretirement adjustments; PERA-police public employees police
10	10	1.10and fire retirement plan.(a) Retirement annuity, disability benefit, or survivor benefit
11	11	1.11recipients of the public employees police and fire retirement plan are entitled to an annual
12	12	1.12postretirement adjustment, effective as of each January 1, as follows: equal to the percentage
13	13	1.13of increase determined under this subdivision. The increase to the annuity or benefit must
14	14	1.14be determined by multiplying the monthly amount of the annuity or benefit by the percentage
15	15	1.15of increase specified in paragraph (b), after taking into account any reduction to the
16	16	1.16percentage of increase required under paragraph (c).
17	17	1.17 (b) The percentage of increase must be one percent unless the federal Social Security
18	18	1.18Administration has announced a cost-of-living adjustment pursuant to United States Code,
19	19	1.19title 42, section 415(i), in the last quarter of the preceding calendar year that is greater than
20	20	1.20two percent. If the cost-of-living adjustment announced by the federal Social Security
21	21	1.21Administration is greater than two percent, the percentage of increase must be 50 percent
22	22	1.22of the cost-of-living adjustment announced by the federal Social Security Administration,
23	23	1.23except the percentage of increase must not exceed 1.5 percent.
24	24	1Section 1.
25	25	25-01679 as introduced01/21/25 REVISOR VH/KR
26	26	SENATE
27	27	STATE OF MINNESOTA
28	28	S.F. No. 1122NINETY-FOURTH SESSION
29	29	(SENATE AUTHORS: FRENTZ, Howe, Latz and Seeberger)
30	30	OFFICIAL STATUSD-PGDATE
31	31	Introduction and first reading02/06/2025
32	32	Referred to State and Local Government 2.1 (c)(1) for each annuitant or benefit If the recipient who will have of an annuity, a disability
33	33	2.2benefit, or a survivor's benefit has been receiving an the annuity or benefit for at least 36
34	34	2.312 full months as of the immediate preceding June 30, a postretirement of the calendar year
35	35	2.4immediately before the effective date of the increase, there is no reduction in the percentage
36	36	2.5of increase of one percent must be applied each year to the amount of the monthly annuity
37	37	2.6or benefit of the annuitant or benefit recipient; or.
38	38	2.7 (2) for each annuitant or benefit If the recipient who of an annuity, a disability benefit,
39	39	2.8or a survivor's benefit has been receiving the annuity or benefit for at least 25 full months
40	40	2.9one full month, but less than 36 12 full months as of the immediate preceding June 30, a
41	41	2.10postretirement increase of 1/12 of one percent for each full month that the person has been
42	42	2.11receiving an of the calendar year immediately before the effective date of the increase, the
43	43	2.12percentage of the increase is multiplied by a fraction, the numerator of which is the number
44	44	2.13of months the annuity or benefit during was received as of June 30 of the fiscal preceding
45	45	2.14calendar year in which the annuity or benefit was effective must be applied each year to the
46	46	2.15amount of the monthly annuity or benefit of the annuitant or benefit recipient and the
47	47	2.16denominator of which is 12.
48	48	2.17 (b) (d) An increase in annuity or benefit payments under this section subdivision must
49	49	2.18be made automatically unless written notice is filed by the annuitant or benefit recipient
50	50	2.19with the executive director of the Public Employees Retirement Association requesting that
51	51	2.20the increase not be made.
52	52	2.21 EFFECTIVE DATE.This section is effective for postretirement adjustments beginning
53	53	2.22on or after January 1, 2026.
54	54	2.23 Sec. 2. Minnesota Statutes 2024, section 356.415, subdivision 1e, is amended to read:
55	55	2.24 Subd. 1e.Annual postretirement adjustments; State Patrol retirement plan.(a)
56	56	2.25Retirement annuity, disability benefit, or survivor benefit recipients of the State Patrol
57	57	2.26retirement plan are entitled to an annual postretirement adjustment, effective as of each
58	58	2.27January 1, as follows:
59	59	2.28 (1) a postretirement increase of one 1.5 percent must be applied each year to the monthly
60	60	2.29annuity or benefit of each annuitant or benefit recipient who has been receiving an annuity
61	61	2.30or a benefit for at least 12 full months as of the June 30 of the calendar year immediately
62	62	2.31before the adjustment; and
63	63	2.32 (2) for each annuitant or benefit recipient who has been receiving an annuity or a benefit
64	64	2.33for at least one full month, but less than 12 full months as of the June 30 of the calendar
65	65	2Sec. 2.
66	66	25-01679 as introduced01/21/25 REVISOR VH/KR 3.1year immediately before the adjustment, an annual postretirement increase of 1/12 of one
67	67	3.21.5 percent for each month that the person has been receiving an annuity or benefit must
68	68	3.3be applied to the amount of the monthly annuity or benefit of each annuitant or benefit
69	69	3.4recipient.
70	70	3.5 (b) An increase in annuity or benefit payments under this subdivision must be made
71	71	3.6automatically unless written notice is filed by the annuitant or benefit recipient with the
72	72	3.7executive director of the applicable covered Minnesota State Retirement plan System
73	73	3.8requesting that the increase not be made.
74	74	3.9 EFFECTIVE DATE.This section is effective for postretirement adjustments beginning
75	75	3.10on or after January 1, 2026.
76	76	3Sec. 2.
77	77	25-01679 as introduced01/21/25 REVISOR VH/KR