Minnesota Legislature
HF 3771
as introduced - 92nd Legislature (2021 - 2022) Posted on 04/07/2022 01:06pm
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A bill for an act
relating to retirement; increasing postretirement adjustments; amending Minnesota
Statutes 2020, sections 354A.29, subdivision 7; 356.415, subdivisions 1, 1a, 1b,
1c, 1d, 1e; Minnesota Statutes 2021 Supplement, section 356.415, subdivision 1f.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
ARTICLE 1
ST. PAUL TEACHERS RETIREMENT FUND ASSOCIATION
Section 1.
Minnesota Statutes 2020, section 354A.29, subdivision 7, is amended to read:
Subd. 7.
Postretirement adjustments.
(a) Except as set forth in paragraph (c), each
person who has been receiving an annuity or benefit under the articles of incorporation, the
bylaws, or this chapter, whose effective date of benefit commencement occurred on or
before July 1 of the calendar year immediately before the adjustment, is eligible to receive
an annual postretirement adjustment, effective as of each January 1, as follows:
(1) deleted text begin there shall be nodeleted text end new text begin thenew text end postretirement adjustment on January 1, deleted text begin 2019, and January 1,
2020deleted text end new text begin 2022, shall be one percentnew text end ; and
(2) the postretirement adjustment shall be deleted text begin onedeleted text end new text begin 2.5new text end percent on January 1, deleted text begin 2021deleted text end new text begin 2023new text end , and
each January 1 thereafter.
(b) A postretirement adjustment is to be applied as a permanent increase to the regular
payment of each eligible member on January 1. For any eligible member whose effective
date of benefit commencement occurred after January 1 of the immediately preceding
calendar year, the amount of the postretirement adjustment must be reduced by 50 percent.
(c) Each person who retires on or after July 1, 2024, is entitled to an annual postretirement
adjustment, effective as of each January 1, beginning with the year following the year in
which the member attains normal retirement age.
(d) Paragraph (c) does not apply to members who retire under section 354A.31,
subdivision 6, paragraph (b), or who retire when the member is at least age 62 and has at
least 30 years of service under section 354A.31, subdivision 7.
ARTICLE 2
MSRS
Section 1.
Minnesota Statutes 2020, section 356.415, subdivision 1, is amended to read:
Subdivision 1.
Annual postretirement adjustments; Minnesota State Retirement
System general state employees retirement plan, legislators retirement plan, and
unclassified state employees retirement program.
(a) Except as set forth in paragraph
(c), recipients of a retirement annuity, disability benefit, or survivor benefit from the general
state employees retirement plan, the legislators retirement plan, or the unclassified state
employees retirement program are entitled to an annual postretirement adjustment, effective
as of each January 1, as follows:
(1) effective January 1, 2019, through December 31, deleted text begin 2023deleted text end new text begin 2022new text end , a postretirement increase
of one percent must be applied each year to the amount of the monthly annuity or benefit
of each annuitant or benefit recipient who has been receiving an annuity or a benefit for at
least 12 full months as of the June 30 of the calendar year immediately before the adjustment;
(2) effective January 1, 2019, through December 31, deleted text begin 2023deleted text end new text begin 2022new text end , for each annuitant or
benefit recipient who has been receiving an annuity or a benefit for at least one full month,
but less than 12 full months as of the June 30 of the calendar year immediately before the
adjustment, a postretirement increase of 1/12 of one percent for each month that the person
has been receiving an annuity or benefit must be applied to the amount of the monthly
annuity or benefit of the annuitant or benefit recipient;
(3) effective January 1, deleted text begin 2024deleted text end new text begin 2023new text end , and thereafter, a postretirement increase of deleted text begin 1.5deleted text end new text begin 2.5new text end
percent must be applied each year to the amount of the monthly annuity or benefit of each
annuitant or benefit recipient who has been receiving an annuity or a benefit for at least 12
full months as of the June 30 of the calendar year immediately before the adjustment; and
(4) effective January 1, deleted text begin 2024deleted text end new text begin 2023new text end , and thereafter, for each annuitant or benefit recipient
who has been receiving an annuity or a benefit for at least one full month, but less than 12
full months as of the June 30 of the calendar year immediately before the adjustment, an
annual postretirement increase of 1/12 of 1.5 percent for each month that the person has
been receiving an annuity or benefit must be applied to the amount of the monthly annuity
or benefit of the annuitant or benefit recipient.
(b) An increase in annuity or benefit payments under this subdivision must be made
automatically unless written notice is filed by the annuitant or benefit recipient with the
executive director of the covered retirement plan requesting that the increase not be made.
(c) Members who retire on or after January 1, 2024, under the general state employees
retirement plan, the legislators retirement plan, or the unclassified state employees retirement
program are entitled to an annual postretirement adjustment of the member's retirement
annuity, effective as of each January 1, beginning with the year following the year in which
the member attains normal retirement age, as follows:
(1) if a member has been receiving an annuity for at least 12 full months as of the June
30 of the calendar year immediately before the date of the adjustment, a postretirement
increase equal to the percentage specified in paragraph (a), clause (3), must be applied,
effective on January 1, to the amount of the member's monthly annuity;
(2) if a member has been receiving an annuity for at least one full month, but less than
12 full months as of the June 30 of the calendar year immediately before the date of
adjustment, a postretirement increase of 1/12 of the percentage specified in paragraph (a),
clause (4), for each month that the member has been receiving an annuity must be applied,
effective on January 1, to the amount of the member's monthly annuity; or
(3) if a member has been receiving an annuity for fewer than seven months before the
date of adjustment, a postretirement increase shall not be applied until the next January 1
and the amount of the adjustment shall be the amount determined under clause (2).
(d) Paragraph (c) does not apply to members who retire under section 352.116,
subdivision 1, paragraph (c).
Sec. 2.
Minnesota Statutes 2020, section 356.415, subdivision 1a, is amended to read:
Subd. 1a.
Annual postretirement adjustments; Minnesota State Retirement System
correctional state employees retirement plan.
(a) Retirement annuity, disability benefit,
or survivor benefit recipients of the correctional state employees retirement plan are entitled
to an annual postretirement adjustment, effective as of deleted text begin eachdeleted text end January 1, as follows:
(1) new text begin through December 31, 2022, new text end a postretirement increase of 1.5 percent must be applied
each year to the monthly annuity or benefit of each annuitant or benefit recipient who has
been receiving an annuity or a benefit for at least 12 full months as of the June 30 of the
calendar year immediately before the adjustment; deleted text begin and
deleted text end
(2) new text begin through December 31, 2022, new text end for each annuitant or benefit recipient who has been
receiving an annuity or a benefit for at least one full month, but less than 12 full months as
of the June 30 of the calendar year immediately before the adjustment, an annual
postretirement increase of 1/12 of 1.5 percent for each month that the person has been
receiving an annuity or benefit must be applied to the amount of the monthly annuity or
benefit of each annuitant or benefit recipient.
new text begin
(3) effective January 1, 2023, and thereafter, a postretirement increase of 2.5 percent
must be applied each year to the monthly annuity or benefit of each annuitant or benefit
recipient who has been receiving an annuity or a benefit for at least 12 full months as of the
June 30 of the calendar year immediately before the adjustment; and
new text end
new text begin
(4) effective January 1, 2023, and thereafter, for each annuitant or benefit recipient who
has been receiving an annuity or a benefit for at least one full month, but less than 12 full
months as of the June 30 of the calendar year immediately before the adjustment, an annual
postretirement increase of 1/12 of 2.5 percent for each month that the person has been
receiving an annuity or benefit must be applied to the amount of the monthly annuity or
benefit of each annuitant or benefit recipient.
new text end
(b) An increase in annuity or benefit payments under this subdivision must be made
automatically unless written notice is filed by the annuitant or benefit recipient with the
executive director of the applicable covered retirement plan requesting that the increase not
be made.
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective the day following final enactment.
new text end
Sec. 3.
Minnesota Statutes 2020, section 356.415, subdivision 1e, is amended to read:
Subd. 1e.
Annual postretirement adjustments; State Patrol retirement plan.
(a)
Retirement annuity, disability benefit, or survivor benefit recipients of the State Patrol
retirement plan are entitled to an annual postretirement adjustment, effective as of each
January 1, as follows:
(1) new text begin through December 31, 2022, new text end a postretirement increase of one percent must be applied
each year to the monthly annuity or benefit of each annuitant or benefit recipient who has
been receiving an annuity or a benefit for at least 12 full months as of the June 30 of the
calendar year immediately before the adjustment; and
(2) new text begin through December 31, 2022, new text end for each annuitant or benefit recipient who has been
receiving an annuity or a benefit for at least one full month, but less than 12 full months as
of the June 30 of the calendar year immediately before the adjustment, an annual
postretirement increase of 1/12 of one percent for each month that the person has been
receiving an annuity or benefit must be applied to the amount of the monthly annuity or
benefit of each annuitant or benefit recipient.
new text begin
(3) effective January 1, 2023, and thereafter, a postretirement increase of 2.5 percent
must be applied each year to the monthly annuity or benefit of each annuitant or benefit
recipient who has been receiving an annuity or a benefit for at least 12 full months as of the
June 30 of the calendar year immediately before the adjustment; and
new text end
new text begin
(4) effective January 1, 2023, and thereafter, for each annuitant or benefit recipient who
has been receiving an annuity or a benefit for at least one full month, but less than 12 full
months as of the June 30 of the calendar year immediately before the adjustment, an annual
postretirement increase of 1/12 of 2.5 percent for each month that the person has been
receiving an annuity or benefit must be applied to the amount of the monthly annuity or
benefit of each annuitant or benefit recipient.
new text end
(b) An increase in annuity or benefit payments under this subdivision must be made
automatically unless written notice is filed by the annuitant or benefit recipient with the
executive director of the applicable covered retirement plan requesting that the increase not
be made.
Sec. 4.
Minnesota Statutes 2021 Supplement, section 356.415, subdivision 1f, is amended
to read:
Subd. 1f.
Annual postretirement adjustments; Minnesota State Retirement System
judges retirement plan.
(a) Recipients of a retirement annuity, disability benefit, or survivor
benefit from the judges retirement plan are entitled to an annual postretirement adjustment,
effective as of each January 1, as follows:
(1) through December 31, deleted text begin 2021deleted text end new text begin 2022new text end , a postretirement increase of 1.75 percent must be
applied each year to the monthly annuity or benefit of each annuitant or benefit recipient
who has been receiving an annuity or a benefit for at least 12 full months as of the June 30
of the calendar year immediately before the adjustment;
(2) through December 31, deleted text begin 2021deleted text end new text begin 2022new text end , for each annuitant or benefit recipient who has
been receiving an annuity or a benefit for at least one full month, but less than 12 full months
as of the June 30 of the calendar year immediately before the adjustment, an annual
postretirement increase of 1/12 of 1.75 percent for each month that the person has been
receiving an annuity or benefit must be applied to the amount of the monthly annuity or
benefit;
(3) effective January 1, deleted text begin 2022deleted text end new text begin 2023new text end , and thereafter, a postretirement increase of deleted text begin 1.5deleted text end new text begin 2.5new text end
percent must be applied each year to the monthly annuity or benefit of each annuitant or
benefit recipient who has been receiving an annuity or a benefit for at least 12 full months
as of the June 30 of the calendar year immediately before the adjustment; and
(4) effective January 1, deleted text begin 2022deleted text end new text begin 2023new text end , and thereafter, for each annuitant or benefit recipient
who has been receiving an annuity or a benefit for at least one full month, but less than 12
full months as of the June 30 of the calendar year immediately before the adjustment, an
annual postretirement increase of 1/12 of deleted text begin 1.5deleted text end new text begin 2.5new text end percent for each month that the person has
been receiving an annuity or benefit must be applied to the amount of the monthly annuity
or benefit.
(b) An increase in annuity or benefit payments under this subdivision must be made
automatically unless written notice is filed by the annuitant or benefit recipient with the
executive director of the applicable covered retirement plan requesting that the increase not
be made.
ARTICLE 3
PERA
Section 1.
Minnesota Statutes 2020, section 356.415, subdivision 1b, is amended to read:
Subd. 1b.
Annual postretirement adjustments; PERA; general employees retirement
plan.
(a) Annuities, disability benefits, and survivor benefits being paid from the general
employees retirement plan of the Public Employees Retirement Association shall be increased
effective each January 1 by the percentage of increase determined under this subdivision.
The increase to the annuity or benefit shall be determined by multiplying the monthly amount
of the annuity or benefit by the percentage of increase specified in paragraph (b), after taking
into account any reduction to the percentage of increase required under paragraph (c).
(b) The percentage of increase shall be one percent unless the federal Social Security
Administration has announced a cost-of-living adjustment pursuant to United States Code,
title 42, section 415(i), in the last quarter of the preceding calendar year that is greater than
two percent. If the cost-of-living adjustment announced by the federal Social Security
Administration is greater than two percent, the percentage of increase shall benew text begin : (i) through
December 31, 2022,new text end 50 percent of the cost-of-living adjustment announced by the federal
Social Security Administration, but in no event may the percentage of increase exceed 1.5
percentnew text begin ; and (ii) effective January 1, 2023, and thereafter, 65 percent of the cost-of-living
adjustment announced by the federal Social Security Administration, but in no event may
the percentage of increase exceed 2.5 percentnew text end .
(c)(1) If the recipient of an annuity, disability benefit, or survivor's benefit has been
receiving the annuity or benefit for at least 12 full months as of the June 30 of the calendar
year immediately before the effective date of the increase, there is no reduction in the
percentage of increase.
(2) If the recipient of an annuity, disability benefit, or survivor's benefit has been receiving
the annuity or benefit for at least one month, but less than 12 full months, as of the June 30
of the calendar year immediately preceding the effective date of the increase, the percentage
of increase is multiplied by a fraction, the numerator of which is the number of months the
annuity or benefit was received as of June 30 of the preceding calendar year and the
denominator of which is 12.
(d) Effective for members who retire on or after January 1, 2024, annuities shall not be
increased under paragraphs (a) to (c) until January 1 of the year following the year in which
the member reaches normal retirement age. January 1 of the year following the year in
which the member reaches normal retirement age shall be considered the effective date of
the increase under paragraph (c). If a member has been receiving an annuity for fewer than
seven months as of the January 1 of the year following the year in which the member reaches
normal retirement age, no increase shall be paid until January 1 of the next year.
(e) An increase in annuity or benefit payments under this section must be made
automatically unless written notice is filed by the recipient with the executive director of
the Public Employees Retirement Association requesting that the increase not be made.
(f) Paragraph (d) does not apply to members who retire under section 353.30, subdivision
1a.
Sec. 2.
Minnesota Statutes 2020, section 356.415, subdivision 1c, is amended to read:
Subd. 1c.
Annual postretirement adjustments; PERA-police and fire.
(a) Retirement
annuity, disability benefit, or survivor benefit recipients of the public employees police and
fire retirement plan are entitled to an annual postretirement adjustment, effective as of each
January 1, as follows:
(1) new text begin through December 31, 2022, new text end for each annuitant or benefit recipient who will have
been receiving an annuity or benefit for at least 36 full months as of the immediate preceding
June 30, a postretirement increase of one percent must be applied each year to the amount
of the monthly annuity or benefit of the annuitant or benefit recipient; deleted text begin or
deleted text end
(2) new text begin through December 31, 2022, new text end for each annuitant or benefit recipient who has been
receiving the annuity or benefit for at least 25 full months, but less than 36 months as of
the immediate preceding June 30, a postretirement increase of 1/12 of one percent for each
full month that the person has been receiving an annuity or benefit during the fiscal year in
which the annuity or benefit was effective must be applied each year to the amount of the
monthly annuity or benefit of the annuitant or benefit recipient.
new text begin
(3) effective January 1, 2023, and thereafter, for each annuitant or benefit recipient who
will have been receiving an annuity or benefit for at least 36 full months as of the immediate
preceding June 30, a postretirement increase of 2.5 percent must be applied each year to
the amount of the monthly annuity or benefit of the annuitant or benefit recipient; or
new text end
new text begin
(4) effective January 1, 2023, and thereafter, for each annuitant or benefit recipient who
has been receiving the annuity or benefit for at least 25 full months, but less than 36 months
as of the immediate preceding June 30, a postretirement increase of 1/12 of 2.5 percent for
each full month that the person has been receiving an annuity or benefit during the fiscal
year in which the annuity or benefit was effective must be applied each year to the amount
of the monthly annuity or benefit of the annuitant or benefit recipient.
new text end
(b) An increase in annuity or benefit payments under this section must be made
automatically unless written notice is filed by the annuitant or benefit recipient with the
executive director of the Public Employees Retirement Association requesting that the
increase not be made.
ARTICLE 4
TRA
Section 1.
Minnesota Statutes 2020, section 356.415, subdivision 1d, is amended to read:
Subd. 1d.
Teachers Retirement Association annual postretirement adjustments.
(a)
Except as set forth in paragraph (d), recipients of a retirement annuity, disability benefit,
or survivor benefit from the Teachers Retirement Association are entitled to an annual
postretirement adjustment, effective as of each January 1, as follows:
(1) effective January 1, 2019, through December 31, deleted text begin 2023deleted text end new text begin 2022new text end , a postretirement increase
of one percent must be applied each year to the amount of the monthly annuity or benefit
of each annuitant or benefit recipient who has been receiving an annuity or a benefit for at
least 12 full months as of the June 30 of the calendar year immediately before the adjustment;
(2) effective January 1, 2019, through December 31, deleted text begin 2023deleted text end new text begin 2022new text end , for each annuitant or
benefit recipient who has been receiving an annuity or a benefit for at least one full month,
but less than 12 full months as of the June 30 of the calendar year immediately before the
adjustment, a postretirement increase of 1/12 of one percent for each month the person has
been receiving an annuity or benefit must be applied to the amount of the monthly annuity
or benefit of the annuitant or benefit recipient;
(3) effective January 1, deleted text begin 2024deleted text end new text begin 2023new text end , and thereafter, a postretirement increasenew text begin of 2.5 percentnew text end
must be applied each year to the amount of the monthly annuity or benefit of each annuitant
or benefit recipient who has been receiving an annuity or a benefit for at least 12 full months
as of the June 30 of the calendar year immediately before the adjustmentdeleted text begin , at the following
rates:deleted text end new text begin ; and
new text end
|
deleted text begin
from January 1, 2024, through December 31, 2024 deleted text end |
deleted text begin
1.1 percent deleted text end |
|
|
deleted text begin
from January 1, 2025, through December 31, 2025 deleted text end |
deleted text begin
1.2 percent deleted text end |
|
|
deleted text begin
from January 1, 2026, through December 31, 2026 deleted text end |
deleted text begin
1.3 percent deleted text end |
|
|
deleted text begin
from January 1, 2027, through December 31, 2027 deleted text end |
deleted text begin
1.4 percent deleted text end |
|
|
deleted text begin
from January 1, 2028, and thereafter deleted text end |
deleted text begin
1.5 percent deleted text end |
(4) effective January 1, deleted text begin 2024deleted text end new text begin 2023new text end , and thereafter, for each annuitant or benefit recipient
who has been receiving an annuity or a benefit for at least one full month, but less than 12
full months, as of the June 30 of the calendar year immediately before the adjustment, an
annual postretirement increase of 1/12 of deleted text begin the applicable percentagedeleted text end new text begin 2.5 percentnew text end for each
month that the person has been receiving an annuity or benefit must be applied to the amount
of the monthly annuity or benefit of the annuitant or benefit recipient.deleted text begin The applicable
percentages are the following:
deleted text end
|
deleted text begin
from January 1, 2024, through December 31, 2024 deleted text end |
deleted text begin
1.1 percent deleted text end |
|
|
deleted text begin
from January 1, 2025, through December 31, 2025 deleted text end |
deleted text begin
1.2 percent deleted text end |
|
|
deleted text begin
from January 1, 2026, through December 31, 2026 deleted text end |
deleted text begin
1.3 percent deleted text end |
|
|
deleted text begin
from January 1, 2027, through December 31, 2027 deleted text end |
deleted text begin
1.4 percent deleted text end |
|
|
deleted text begin
from January 1, 2028, and thereafter deleted text end |
deleted text begin
1.5 percent deleted text end |
(b) An increase in annuity or benefit payments under this section must be made
automatically unless written notice is filed by the annuitant or benefit recipient with the
executive director of the Teachers Retirement Association requesting that the increase not
be made.
(c) The retirement annuity payable to a person who retires before becoming eligible for
Social Security benefits and who has elected the optional payment as provided in section
354.35 must be treated as the sum of a period-certain retirement annuity and a life retirement
annuity for the purposes of any postretirement adjustment. The period-certain retirement
annuity plus the life retirement annuity must be the annuity amount payable until age 62,
65, or normal retirement age, as selected by the member at retirement, for an annuity amount
payable under section 354.35. A postretirement adjustment granted on the period-certain
retirement annuity must terminate when the period-certain retirement annuity terminates.
(d) Members who retire on or after July 1, 2024, are entitled to an annual postretirement
adjustment of the member's retirement annuity, effective as of each January 1, beginning
with the year following the year in which the member attains normal retirement age, as
follows:
(1) if a member has been receiving an annuity for at least 12 full months as of the June
30 of the calendar year immediately before the date of the adjustment, a postretirement
increase equal to the percentage specified in paragraph (a), clause (3), must be applied,
effective on January 1, to the amount of the member's monthly annuity;
(2) if a member has been receiving an annuity for at least one full month, but less than
12 full months as of the June 30 of the calendar year immediately before the date of
adjustment, a postretirement increase of 1/12 of the applicable percentage specified in
paragraph (a), clause (4), for each month that the member has been receiving an annuity
must be applied, effective on January 1, to the amount of the member's monthly annuity;
or
(3) if a member has been receiving an annuity for fewer than seven months as of the
January 1 of the year following the year in which the member attains normal retirement
age, a postretirement adjustment shall be applied effective as of the next January 1. The
amount of the adjustment shall be determined under clause (2).
(e) Paragraph (d) does not apply to members who retire under section 354.44, subdivision
6, paragraph (c), clause (3), or who retire when the member is at least age 62 and has at
least 30 years of service under section 354.44, subdivision 6, paragraph (c), (d), (e), or (f),
as applicable.