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.

This bill modifies retirement benefits for Minnesota teachers in the Teachers Retirement Association (TRA). It allows teachers who reach age 60 with 30 years of service to receive an unreduced retirement annuity (previously subject to reductions). The bill also adjusts early retirement reduction factors for those retiring before normal retirement age, increases postretirement adjustments, and removes delays for early retirees. Additionally, it raises employer contribution rates (e.g., from 8.75% to 9.5% for coordinated members) and adjusts pension adjustment revenue for school districts, effective July 2025. These changes directly affect TRA members and school districts funding retirement benefits.