Pensions

MSBA recently presented Sen. Julie Rosen (Vernon Center) and Rep. Tim O’Driscoll (Sartell) with its “Outstanding Legislator of the Year” award for 2018. MSBA officials honored Sen. Rosen and Rep. O’Driscoll for their work during the 2018 legislative session on behalf of Minnesota’s public school students by getting the omnibus…

Courtesy of the Minnesota Teachers Retirement Association (TRA) The 2018 Omnibus Pension Bill passed out of the Minnesota Senate on a unanimous vote (66-0) on Monday, March 26. The bill will next proceed through various committees in the Minnesota House of Representatives, most likely after the Easter/Passover break. Bill co-author…

The Minnesota Senate passed the Omnibus Retirement Bill (SF 545) Sunday night on a 67-0 vote. The bill awaits passage by the Minnesota House. The Senate bill does not provide funding to cover the costs of the proposed employer contribution increases. See www.mnmsba.org/Portals/0/Summary-OmnibusRetirementBill-2017.pdf to view a summary provided by the…

The Minnesota Legislative Commission on Pensions and Retirement has announced its appointments for 2017-2018. The Legislative Commission on Pensions and Retirement (sometimes referred to as the “Pension Commission”) is a bipartisan joint commission that considers pension and retirement-related legislation. The 2017-2018 Pension Commission members are: Sen. Julie A. Rosen, Chair…

The Teachers Retirement Association (TRA) Board of Trustees approved a legislative proposal Wednesday, November 16, that would lower the annual cost-of-living adjustment (COLA) for retired teachers from 2 percent to 1 percent for 10 years and 1.5 percent thereafter. The proposal also calls for a 2 percent increase in the…

Gov. Mark Dayton vetoed the Omnibus Pensions Bill a few moments ago. In a letter sent today to Senate President Sandra Pappas, Gov. Dayton wrote: “I have vetoed and am returning Chapter 177, Senate File 588, the omnibus pension bill. The bill contains provisions reducing for one year the COLA for…

Local school districts have two pension funds impacting school employees. The Teacher Retirement Association (TRA) covers school employees — including licensed staff, teachers, principals and superintendents. The Public Employees Retirement Association (PERA) covers non-licensed staff (custodians, food service, bus drivers, and para-professionals). Both of these funds are struggling with deficiencies…

Source: Minnesota Teachers Retirement Association The Legislative Commission on Pensions and Retirement (LCPR) met Wednesday and Thursday to hear testimony from the statewide retirement systems and the St. Paul Teachers Retirement Fund Association (SPTRFA) regarding sustainability measures necessitated by improvements in public employee life spans. No action was taken on…

In an effort to address funding shortfalls, the Minnesota Teachers Retirement Association (TRA) Board of Trustees passed “sustainability package” recommendations for its pension fund during its December 16 meeting in St. Paul. MSBA Deputy Executive Director Tiffany Rodning — MSBA’s representative on the TRA Board — voted against the recommendations due…

By Kirk Schneidawind, MSBA Executive Director The Teachers Retirement Association (TRA) recently completed an “experience study” to evaluate the system’s actual experience, and look forward to predict future experience, especially economic assumptions such as inflation and investment returns. The study also took into consideration other economic and demographic factors. The…

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