HF4074

What it does

• Reduces employee and employer payment rates in the local government correctional service retirement plan.
• Increases postretirement adjustments for the local government correctional service retirement plan.
• Shortens the waiting period before police and fire retirees can receive post-retirement adjustments.
• Creates a new Probation and Telecommunicator Retirement subplan under the Minnesota State Retirement System.
• Establishes a Local Government Probation and Telecommunicator Retirement Plan administered by the Public Employees Retirement Association.
• Transfers money from the general fund to temporarily lower employee contribution rates in the new probation and telecommunicator plans.
• Updates rules so that pay for Minnesota paid leave is not counted as salary for pension calculations.
• Makes administrative changes to the Teachers Retirement Association, St. Paul Teachers Retirement Fund Association, and Minnesota Secure Choice Retirement Program.
• Modifies expense apportionment among funds managed by the State Board of Investment.