Relating to retirement

ARTICLE 1 - ADMINISTRATIVE REVISIONS

Making certain changes of an administrative nature; modifying the title of corrections program therapist under covered correctional service personnel; modifying actuarial valuation interest and salary assumptions for public pension plans, excluding the Duluth teachers retirement plan; revising teachers retirement association (TRA) post-retirement adjustment initial eligibility procedure; modifying certain limitations on public employee salaries for pension purposes

ARTICLE 2 - AID PROVISION RECODIFICATION; ADDING SHORTAGE RECOVERY PROCEDURE

Recodifying certain teachers retirement association (TRA) aid provisions; creating new teachers retirement association contribution and aid payment deficiency recovery procedures; requiring special school district #1, Minneapolis, and the city of Minneapolis to make additional employer contributions to the teachers retirement association; requiring independent school district #625, St. Paul to make additional contributions to the St. Paul teachers retirement fund association for reallocation of amortization and supplementary amortization state aid purposes; authorizing the teachers retirement association to obtain recovery of certain prior deficiencies from the city of Minneapolis; revising federal code compliance provisions applicable to all plans; repealing certain provisions relating to aid rededication and to contributions by employee and employer special direct state matching aid to teachers retirement association
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