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 Sen. Julie Rosen, R-Vernon Center, who chairs the Legislative Commission on Pensions and Retirement (LCPR), summarized the bill’s provisions and praised the engagement of those who have worked for three years to bring forward a public pension sustainability package whose reforms will result in $3.4 billion in immediate savings.
To help address the pension systems’ unfunded liabilities, SF 2620 includes “significant benefit reforms” as well as contribution rate increases for employers and employees, Rosen said. She explained that the bill has much work behind it — the engagement of all stakeholders, the governor, the commissioner of Minnesota Management and Budget — and reflects “true shared sacrifice.”
See https://www.minnesotatra.org/images/pdf/Capitol%20TRAcker-032618.pdf for more information about the pension bill from the TRA.