Pension adjustment revenue increase for Independent School District No. 625

This bill increases the pension adjustment revenue for Independent School District No. 625 in St. Paul by raising the pension adjustment rate from 2.3 percent in 2023 to 5.95 percent for fiscal year 2027 and later. The legislation also adjusts employee contribution rates to the St. Paul Teachers Retirement Fund Association, increasing them from 10 percent to 11.25 percent for the basic program and from 7.5 percent to 8.75 percent for the coordinated program starting July 1, 2026. Additionally, the bill sets limits on total state pension adjustment revenue for fiscal years 2025 and 2028 and later, requiring the commissioner to prorate payments when necessary to stay within those caps. These changes directly affect the St. Paul school district, its employees, and the retirement fund association by altering how much money flows into the pension system.