Eligible teachers would receive early pensions without five-percent yearly reductions

Eligible teachers would receive an adjusted early pension without a five-percent reduction for each year before normal retirement age. This rule covers Teachers Retirement Association members aged 60 or older with at least 30 years of service who joined after June 30, 1989, or qualify under the comparison rule for earlier members. For earlier members, this formula applies only when it provides a higher pension than the other listed formula. The adjustment accounts for growth if pension payments were delayed until normal retirement age: 2.5 percent yearly for teachers hired on or after July 1, 2006, or three percent for those hired earlier.

School pension aid and regular employer payments to the Teachers Retirement Association would use rates left blank in this version. The aid rates cover St. Paul and other school districts. The regular employer payment rates also apply to Minneapolis and Duluth through references to the blank rates. The proposed rates have no amounts, so the resulting school aid and employer payments cannot be calculated.