Pension Advocacy
- hopkinseducationas
- Oct 21, 2024
- 1 min read
Pension Advisory Group Priorities
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The Pension Advisory Group (PAG) met Tuesday, Oct 15th, 2024 and reached a consensus around their priority recommendation for the legislative session. The original Pension Task Force and last year's Representative Convention prioritized a career rule of 62 years of age or 35 years of service because it benefits the greatest number of members. At the PAG meeting, after a lot of discussion, the group decided to recommend the following for the upcoming legislative session.
Career rule of 60 and 30 (60 years of age and 30 years of experience with no penalties.)
Lowering base penalties to from 7% to 5% from ages 59-64, which improves the benefits down to age 55.
Low-cost improvements to the Cost of Living Adjustment (COLA), eliminating the “double-penalty” of the Tier 2 COLA delay and accelerating the scheduled COLA increase from 1.2% to 1.5% in 2028.
The PAG realizes that the 60/30 career rule modification impacts a smaller group of teachers, but it is an important next step toward pension equity. These proposals will now be forwarded to the Education Minnesota Legislative Action Committee and Governing Board for final approval.
