Public Employees Retirement Association (PERA) and general employees retirement plan circumstances in which the additional employer contribution is repealed modifications and increasing postretirement adjustments

This bill modifies Minnesota's Public Employees Retirement Association (PERA) rules for public employees and retirees. It repeals additional employer retirement contributions once PERA's assets reach 98% of its financial obligations, effective after March 31 of the year following the actuarial report. It also increases postretirement cost-of-living adjustments (COLAs) for retirees, capping annual increases at 1.5% unless federal Social Security adjustments exceed 2%, in which case COLAs would match 50% of that federal adjustment. These changes affect all current and future PERA members and retirees, with the COLA adjustments taking effect January 1, 2026.