HF 5250

as introduced - 93rd Legislature (2023 - 2024) Posted on 04/02/2024 11:52am

A bill for an act
relating to retirement; modifying a Teachers Retirement Act provision; transferring
money to the Teachers Retirement Association; amending Minnesota Statutes
2023 Supplement, section 354.42, subdivision 2.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2023 Supplement, section 354.42, subdivision 2, is amended
to read:

Subd. 2.

Employee contribution.

(a) The employee contribution to the fund is the
following percentage of the member's salary:

	Period	Basic Program	Coordinated Program
	from July 1, 2014, through June 30, 2023	11 percent	7.5 percent
	from July 1, 2023, through June 30, deleted text begin 2025 deleted text end new text begin 2024 new text end	11.25 percent	7.75 percent
	new text begin from July 1, 2024, through June 30, 2025 new text end	new text begin 11 percent new text end	new text begin 7.5 percent new text end
	after June 30, 2025	11.5 percent	8.0 percent

(b) When an employee contribution rate changes for a fiscal year, the new contribution
rate is effective for the entire salary paid for each employer unit with the first payroll cycle
reported.

(c) This contribution must be made by deduction from salary. Where any portion of a
member's salary is paid from other than public funds, the member's employee contribution
must be based on the entire salary received.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective June 30, 2024.
new text end

Sec. 2. new text begin TEACHERS RETIREMENT ASSOCIATION; ONETIME DIRECT STATE
AID.
new text end

new text begin $15,729,000 in fiscal year 2025 is transferred from the general fund to the Teachers
Retirement Association. This is a onetime transfer.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective June 30, 2024.
new text end