Pensions

PASSED AND SIGNED INTO LAW

Pensions bill – SF 2620

The Legislature used a shared-sacrifice approach to ensure the long-term stability of public pensions. Active employees, employers, retirees, and the state are all part of the solution. The compromise bill reduces annual cost-of-living adjustments (COLAs) for retirees to below 2% but allows flexibility for increases to 1.5% over time. Contributions from active employees and their employers are increasing and the state is providing financial assistance to school districts and other public employers to reduce liabilities. The bill passed unanimously in the Senate and near unanimously in the House. Governor Dayton signed the bill into law at a public signing ceremony in the Capitol rotunda on May 30. It was the last bill he took action on as Governor.

 

DID NOT PASS

None.

VETOED

None.

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