ST PAUL, MN – Minnesota Governor Tim Walz has signed bills that will impact pensions for several sectors of employment.
Senate File 2884 adjusts the retirement benefits for teachers, firefighters, police officers, state patrol officers, and public employees. The bill lowers the age of teacher retirement from 62 to 60, as well as lowers the reduction percentage from six percent to five percent for teachers with 30 years of service, providing full pension benefits without penalties. The bill will also adjust the three-year cost-of-living adjustment delay while providing a one-time three percent increase in 2026 and one percent annually thereafter for police and firefighter members, along with a one-and-a-quarter percent cost-of-living increase for state patrol retirees.
Walz signed eight other bills.
