Election of a member's retirement annuity modification or deferred vested members

This bill modifies the rules for retired teachers in Minnesota who have not yet started receiving their pension benefits. It allows members who stopped teaching before June 30, 2025, to choose a specific retirement calculation method that uses a normal retirement age of 65, regardless of whether they return to work. The legislation also clarifies that returning teachers must earn at least half a year of new service to qualify for any future benefit improvements. These changes take effect immediately upon the bill's final passage.