The Retirement Systems of Minnesota provide retirement benefits to retired teachers, firefighters, judges, pilots, and other state and local government employees throughout the state

The new law will immediately eliminate $3.4 billion in unfunded pension liabilities and put the State of Minnesota on a path to fully fund state pensions within 30 years

ST. PAUL, MN – Joined by public servants from across state and local government, Governor Mark Dayton today signed bipartisan legislation (H.F. 3053/S.F. 2620) to ensure Minnesota’s public employee pension plans remain solvent, and that promises are kept to Minnesota workers and retirees. There are currently 173,000 retirees – teachers, firefighters, snowplow drivers, veterans home care workers, and other state and local government employees – and 511,000 total beneficiaries throughout Minnesota who will benefit from the reforms. The new law requires public employees, retirees, and state government to all collectively share the burden of ensuring the long-term solvency of the plans. Making these adjustments now will help ensure that more drastic and painful changes are not needed.

“Hard working Minnesotans who have dedicated their lives and careers to serving our state deserve the security of retirement benefits they have rightly earned,” said Governor Dayton. “This bipartisan legislation stabilizes pension benefits for 511,000 workers, retirees, and their families. I thank members of the pension commission, Legislators, and my terrific MMB Commissioner Myron Frans for securing the bipartisan enactment of these essential reforms.”

Read the full press release