Omnibus retirement bill supports teachers, firefighters, and public safety workers
St. Paul, Minn. – Today, the Minnesota Senate passed SF 2884, Legislative Commission on Pensions and Retirement Chair Nick Frentz’s (DFL-North Mankato) strong bipartisan omnibus pension bill that makes meaningful improvements to retirement benefits for the people who keep our state running and our communities safe. This includes teachers, firefighters, paramedics, State Patrol officers, and public employees across the state. The bill passed by a vote of 55-12.
“These are demanding careers, working in our classrooms and communities to improve the quality of life for Minnesotans across the state,” said Senator Frentz. “This bill strengthens retirement security for those who dedicate their lives to public service and helps those who work every day to make Minnesota a better place. It will directly benefit the people who keep our schools strong, our communities safe, and our public services operating efficiently. This bill reflects our commitment to the people of Minnesota who keep our state moving forward.”
Key provisions of SF 2884 include:
- Teacher Retirement Reform: Public school teachers will be eligible to retire sooner with lower early retirement penalties at age 60 if they have 30 years of service (this is known as a “career rule”).
- Cost-of-Living-Adjustments (COLAs):
- Retired public safety employees are provided improved COLAs to ensure their pension benefits aren’t eroded by inflation, including PERA Police and Fire, which will receive a one-time, compounded three percent COLA.
- Additional funding will allow police officers and firefighters in this plan to receive a COLA one year sooner than under current law.
- State Patrol Troopers will receive a permanent 1.25 percent annual COLA.
- Other retirees will benefit from strengthened COLAs that help maintain purchasing power over time.
- Various pension reforms intended to strengthen our public employee pensions and ensure a stable retirement is available for generations to come.
The omnibus pension bill now moves to the House of Representatives where it is expected to pass. Following House passage, the legislation will move to Governor Walz.
and Rules and Administration Committees.
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