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Legislative Commission on Pensions and Retirement

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LCPR News and Developments

new LCPR Work Groups for 2024 Interim

The LCPR will convene two work groups this interim, each of which is tasked with recommending legislation to address a pension policy issue that the Commission discussed during the 2024 legislative session.

  1. The Work Group on MSRS Correctional Plan Eligibility, required by Laws 2024, Ch. 102, Art. 5, Sec. 14, must recommend legislation to correct deficiencies in the process for adding positions for coverage by the MSRS Correctional Plan. The first meeting of this work group will be held on Monday, July 29th, at 10 a.m.
  2. The Work Group on Amortization, required by Laws 2024, Ch. 102, Art. 8, Sec. 13, must recommend legislation to update statutes dictating amortization periods to "conform to actuarial best practices for amortizing liabilities." The first meeting of this work group will be held on Tuesday, July 30th, at 10 a.m.
Each work group must submit its recommendation to the Commission by January 10, 2025.

Governor signs 2024 Pension and Retirement Policy and Supplemental Budget Bill

The Governor signed the 2024 Pension and Retirement Policy and Supplemental Budget Bill (HF5040-Her/Frentz, 4th Engrossment) on May 15, 2024, as Laws 2024, Chapter 102. Find the history of action on the bill and summaries of the various versions of the bill on the Annual Pension & Retirement Bill page.

See previous LCPR News articles

Minnesota News

new Minnesota teachers fundraise for forensic audit of TRA (Minnesota Center for Fiscal Excellence, blog post, 4/2024)

"Minnesota educators are concerned that the Teacher Retirement Association (TRA), the body that manages the statewide educator pension system, has mishandled employee contributions."
"Our prediction right now is that this is going to turn up absolute bupkis, and that teachers contributing to this fund are wasting their money….the idea that state pension asset management is a quagmire of inexperience, excessive and hidden fees, conflicts of interest, political shenanigans, and general asset management malfeasance – the types of things that seem to be this attorney’s specialty --is ridiculous."

new  Revenue explains new subtraction for public pension income (MN DOR)

The Minnesota Department of Revenue published a document on Public Pension Subtraction, last updated March 21, 2024. Information is available on the pension plans that qualify, income limitations for the subtraction, determining benefits for the subtraction, and determining eligibility for benefits if you are receiving Social Security benefits. Read more...

Post-traumatic stress disorder study

During the 2023 legislative session, the Minnesota Legislature passed House File 2988, which requires the Department of Labor (DLI) to conduct a comprehensive study about work-related post-traumatic stress disorder (PTSD) in the workers' compensation system. It will be completed by Aug. 1, 2025. Read more...

See previous Minnesota News articles

National News and Recent Publications

new NASRA Report: Recent Changes to COLAs

Rising prices have been a concern for many retirees in recent years as inflation reached its highest levels in decades (see CPI-U data below). Cost-of-living adjustments (COLAs) are intended to protect retirement benefits from a loss of purchasing power due to inflation. What changes have states made to COLAs provided by public pension plans during this period of high inflation? See the recent NASRA issue brief on COLAs, published in May 2024, for more information.

new Research on Public Pension Retirement Security and Teachers’ Benefits (PEW)

Presentation by The Pew Charitable Trusts on practices of successful pension systems, retirement security metrics, and a comparison of Minnesota TRA pensions to teacher pensions in other states. Read more...

See previous National News articles

Secure Choice News and Publications

new State auto-IRA programs gain steam as interstate pact, public support grow. (Pensions & Investments, 5/17/2024)

"More than 3 in 4 Americans (77%) agree that state-facilitated retirement savings programs are a good idea...In addition, the overwhelming majority of Americans (82%) also say they would participate in state-facilitated programs, up from 75% in 2020..." Read more...

new Americans’ Views of State-Facilitated Retirement Programs (NIRS, May 2024)

"..states are taking action to address the retirement challenges facing Americans by providing increased access to retirement plans. Since 2012, every state except Alabama has either enacted or introduced legislation that would establish state-facilitated retirement savings programs. These state-facilitated retirement programs offer a backstop for those working in jobs where employers do not offer retirement plans like a pension plan or 401(k) account." Read more...