1.1Senator Schoen moved to amend S.F. No. 545 as follows:
1.2Page 12, line 5, after "ASSOCIATION" insert " BENEFIT AND CONTRIBUTION
1.3CHANGES"
1.4Page 12, after line 14, insert:

1.5    "Sec. 2. Minnesota Statutes 2016, section 354.44, subdivision 6, is amended to read:
1.6    Subd. 6. Computation of formula program retirement annuity. (a) The formula
1.7retirement annuity must be computed in accordance with the applicable provisions of the
1.8formulas stated in paragraph (b) or (d) on the basis of each member's average salary under
1.9section 354.05, subdivision 13a, for the period of the member's formula service credit.
1.10    (b) This paragraph, in conjunction with paragraph (c), applies to a person who first
1.11became a member of the association or a member of a pension fund listed in section 356.30,
1.12subdivision 3 , before July 1, 1989, unless paragraph (d), in conjunction with paragraph (e),
1.13produces a higher annuity amount, in which case paragraph (d) applies. The average salary
1.14as defined in section 354.05, subdivision 13a, multiplied by the following percentages per
1.15year of formula service credit shall determine the amount of the annuity to which the member
1.16qualifying therefor is entitled for service rendered before July 1, 2006:

1.17		Period		Coordinated Member		Basic Member
1.18 1.19		Each year of service during first ten		1.2 percent per year		2.2 percent per year
1.20 1.21		Each year of service thereafter		1.7 percent per year		2.7 percent per year

1.22    For service rendered on or after July 1, 2006, by a member other than a member who
1.23was a member of the former Duluth Teachers Retirement Fund Association between January
1.241, 2006, and June 30, 2015, and for service rendered on or after July 1, 2013, by a member
1.25who was a member of the former Duluth Teachers Retirement Fund Association between
1.26January 1, 2013, and June 30, 2015, the average salary as defined in section 354.05,
1.27subdivision 13a, multiplied by the following percentages per year of service credit, determines
1.28the amount the annuity to which the member qualifying therefor is entitled:

1.29		Period		Coordinated Member		Basic Member
1.30 1.31		Each year of service during first ten		1.4 percent per year		2.2 percent per year
1.32 1.33		Each year of service after ten years of service		1.9 percent per year		2.7 percent per year

1.34    (c)(i) This paragraph applies only to a person who first became a member of the
1.35association or a member of a pension fund listed in section 356.30, subdivision 3, before
2.1July 1, 1989, and whose annuity is higher when calculated under paragraph (b), in conjunction
2.2with this paragraph than when calculated under paragraph (d), in conjunction with paragraph
2.3(e).
2.4    (ii) Where any member retires prior to normal retirement age under a formula annuity,
2.5the member shall be paid a retirement annuity in an amount equal to the normal annuity
2.6provided in paragraph (b) reduced by one-quarter of one percent for each month that the
2.7member is under normal retirement age at the time of retirement except that for any member
2.8who has 30 or more years of allowable service credit, the reduction shall be applied only
2.9for each month that the member is under age 62.
2.10    (iii) Any member whose attained age plus credited allowable service totals 90 years is
2.11entitled, upon application, to a retirement annuity in an amount equal to the normal annuity
2.12provided in paragraph (b), without any reduction by reason of early retirement.
2.13    (d) This paragraph applies to a member who has become at least 55 years old and first
2.14became a member of the association after June 30, 1989, and to any other member who has
2.15become at least 55 years old and whose annuity amount when calculated under this paragraph
2.16and in conjunction with paragraph (e), is higher than it is when calculated under paragraph
2.17(b), in conjunction with paragraph (c).
2.18    (i) For a basic member, the average salary, as defined in section 354.05, subdivision
2.1913a , multiplied by 2.7 percent for each year of service for a basic member determines the
2.20amount of the retirement annuity to which the basic member is entitled. The annuity of a
2.21basic member who was a member of the former Minneapolis Teachers Retirement Fund
2.22Association as of June 30, 2006, must be determined according to the annuity formula under
2.23the articles of incorporation of the former Minneapolis Teachers Retirement Fund Association
2.24in effect as of that date.
2.25    (ii) For a coordinated member, the average salary, as defined in section 354.05,
2.26subdivision 13a, multiplied by 1.7 percent for each year of service rendered before July 1,
2.272006, and by 1.9 percent for each year of service rendered on or after July 1, 2006, for a
2.28member other than a member who was a member of the former Duluth Teachers Retirement
2.29Fund Association between January 1, 2006, and June 30, 2015, and by 1.9 percent for each
2.30year of service rendered on or after July 1, 2013, for a member of the former Duluth Teachers
2.31Retirement Fund Association between January 1, 2013, and June 30, 2015, determines the
2.32amount of the retirement annuity to which the coordinated member is entitled.
2.33    (e) This paragraph applies to a person who has become at least 55 years old and first
2.34becomes a member of the association after June 30, 1989, and to any other member who
3.1has become at least 55 years old and whose annuity is higher when calculated under
3.2paragraph (d) in conjunction with this paragraph than when calculated under paragraph (b),
3.3in conjunction with paragraph (c). An employee who retires under the formula annuity
3.4before the normal retirement age shall be paid the normal annuity provided in paragraph
3.5(d) reduced so that the reduced annuity is the actuarial equivalent of the annuity that would
3.6be payable to the employee if the employee deferred receipt of the annuity and the annuity
3.7amount were augmented at an annual rate of three percent compounded annually from the
3.8day the annuity begins to accrue until the normal retirement age if the employee became
3.9an employee before July 1, 2006, and at 2.5 percent compounded annually if the employee
3.10becomes an employee after June 30, 2006. Except in regards to section 354.46, this paragraph
3.11remains in effect until June 30, 2015.
3.12(f) After Until June 30, 2020 2018, this paragraph applies to a person who has become
3.13at least 55 years old and first becomes a member of the association after June 30, 1989, and
3.14to any other member who has become at least 55 years old and whose annuity is higher
3.15when calculated under paragraph (d) in conjunction with this paragraph than when calculated
3.16under paragraph (b) in conjunction with paragraph (c). An employee who retires under the
3.17formula annuity before the normal retirement age is entitled to receive the normal annuity
3.18provided in paragraph (d).
3.19(i) For a person who is at least age 62 or older and has at least 30 years of service, the
3.20annuity must be reduced by an early reduction factor of six percent per year of the annuity
3.21that would be payable to the employee if the employee deferred receipt of the annuity and
3.22the annuity amount were augmented at an annual rate of three percent compounded annually
3.23from the day the annuity begins to accrue until the normal retirement age if the employee
3.24became an employee before July 1, 2006, and at 2.5 percent compounded annually if the
3.25employee became an employee after June 30, 2006.
3.26(ii) For a person who is not at least age 62 or older and does not have at least 30 years
3.27of service, the annuity would be reduced by an early reduction factor of four percent per
3.28year for ages 55 through 59 and seven percent per year of the annuity that would be payable
3.29to the employee if the employee deferred receipt of the annuity and the annuity amount
3.30were augmented at an annual rate of three percent compounded annually from the day the
3.31annuity begins to accrue until the normal retirement age if the employee became an employee
3.32before July 1, 2006, and at 2.5 percent compounded annually if the employee became an
3.33employee after June 30, 2006.
3.34(g) For members who retire on or after July 1, 2018, this paragraph applies to a person
3.35who has become at least 55 years old and first becomes a member of the association after
4.1June 30, 1989, and to any other member who has become at least 55 years old and whose
4.2annuity is higher when calculated under paragraph (d) in conjunction with this paragraph
4.3than when calculated under paragraph (b) in conjunction with paragraph (c). An employee
4.4who retires under the formula annuity before the normal retirement age is entitled to receive
4.5the normal annuity provided in paragraph (d) reduced as described in clause (1) or (2), as
4.6applicable.
4.7(1) For a person who is at least age 62 or older and has at least 30 years of service, the
4.8annuity must be reduced by an early reduction factor of six percent per year of the annuity
4.9that would be payable to the employee if the employee deferred receipt of the annuity and
4.10the annuity amount were augmented at an annual rate of three percent compounded annually
4.11from the day the annuity begins to accrue until the normal retirement age if the employee
4.12became an employee before July 1, 2006, and at 2.5 percent compounded annually if the
4.13employee became an employee after June 30, 2006.
4.14(2) For a person who is not at least age 62 and does not have at least 30 years of service,
4.15the annuity must be reduced by an early reduction factor for each year that the member's
4.16age of retirement precedes normal retirement age. The early reduction factors are four
4.17percent of the annuity amount per year for ages 55 through 59 and seven percent of the
4.18annuity amount per year for ages 60 through normal retirement age. The resulting annuity
4.19must be further adjusted to take into account augmentation as if the employee deferred
4.20receipt of the annuity until normal retirement age and the annuity were augmented at the
4.21applicable annual rate compounded annually, from the day the annuity begins to accrue
4.22until normal retirement age. The applicable annual rate is the rate in effect for the month
4.23that includes the employee's effective date of retirement and shall be considered as fixed
4.24for the employee for the period until the employee reaches normal retirement age. The
4.25applicable annual rate begins with the rates in effect before July 1, 2018, of three percent
4.26if the employee became an employee before July 1, 2006, or 2.5 percent if the employee
4.27became an employee after June 30, 2006, and decreases each month beginning July 2018
4.28in equal monthly increments over the five-year period that begins July 1, 2018, and ends
4.29June 30, 2023, to zero percent effective for July 2023 and thereafter.
4.30After June 30, 2023, the reduced annuity commencing before normal retirement age
4.31under this clause shall not take into account any augmentation.
4.32(h) After June 30, 2015, and before July 1, 2020 2018, for a person who would have a
4.33reduced retirement annuity under either paragraph (e) or (f) if they were applicable, the
4.34employee is entitled to receive a reduced annuity which must be calculated using a blended
5.1reduction factor augmented monthly by 1/60 of the difference between the reduction required
5.2under paragraph (e) and the reduction required under paragraph (f).
5.3    (h) (i) No retirement annuity is payable to a former employee with a salary that exceeds
5.495 percent of the governor's salary unless and until the salary figures used in computing the
5.5highest five successive years average salary under paragraph (a) have been audited by the
5.6Teachers Retirement Association and determined by the executive director to comply with
5.7the requirements and limitations of section 354.05, subdivisions 35 and 35a.
5.8EFFECTIVE DATE.If an appropriation is made to the Teachers Retirement Association
5.9in the 2017 legislative session for the employer contribution increase in this act, this section
5.10is effective the day following final enactment.

5.11    Sec. 3. Minnesota Statutes 2016, section 354.49, subdivision 2, is amended to read:
5.12    Subd. 2. Calculation. (a) Except as provided in section 354.44, subdivision 1, any person
5.13who ceases to be a member by reason of termination of teaching service, is entitled to receive
5.14a refund in an amount equal to the accumulated deductions credited to the account plus
5.15interest compounded annually using the following interest rates:
5.16(1) before July 1, 1957, no interest accrues;
5.17(2) July 1, 1957, to June 30, 2011, six percent; and
5.18(3) after June 30 July 1, 2011, to June 30, 2017, four percent; and
5.19(4) after June 30, 2017, three percent.
5.20For the purpose of this subdivision, interest must be computed on fiscal year end balances
5.21to the first day of the month in which the refund is issued.
5.22(b) If the person has received permanent disability payments under section 354.48, the
5.23refund amount must be reduced by the amount of those payments.
5.24EFFECTIVE DATE.If an appropriation is made to the Teachers Retirement Association
5.25in the 2017 legislative session for the employer contribution increase in this act, this section
5.26is effective the day following final enactment.

5.27    Sec. 4. Minnesota Statutes 2016, section 354.55, subdivision 11, is amended to read:
5.28    Subd. 11. Deferred annuity; augmentation. (a) Any person covered under section
5.29354.44, subdivision 6 , who ceases to render teaching service, may leave the person's
5.30accumulated deductions in the fund for the purpose of receiving a deferred annuity at
5.31retirement.
6.1(b) The amount of the deferred retirement annuity is determined by section 354.44,
6.2subdivision 6 , and must be augmented as provided in this subdivision. The required reserves
6.3for the annuity which had accrued when the member ceased to render teaching service must
6.4be augmented, as further specified in this subdivision, by the applicable interest rate
6.5compounded annually from the first day of the month following the month during which
6.6the member ceased to render teaching service to the effective date of retirement.
6.7(c) No augmentation is not creditable if the deferral period is less than three months or
6.8if deferral commenced before July 1, 1971.
6.9(d) For persons who became covered employees before July 1, 2006, with a deferral
6.10period commencing after June 30, 1971, the annuity must be augmented as follows:
6.11(1) five percent interest compounded annually until January 1, 1981;
6.12(2) three percent interest compounded annually from January 1, 1981, until January 1
6.13of the year following the year in which the deferred annuitant attains age 55 or until June
6.1430, 2012, whichever is earlier;
6.15(3) five percent interest compounded annually from the date established in clause (2) to
6.16the effective date of retirement or until June 30, 2012, whichever is earlier; and
6.17(4) two percent interest compounded annually after June 30, 2012 from July 1, 2012,
6.18until June 30, 2018; and
6.19(5) after June 30, 2018, the deferred annuity must not be augmented.
6.20(e) For persons who become covered employees after June 30, 2006, the interest rate
6.21used to augment the deferred annuity is must be augmented as follows:
6.22(1) 2.5 percent interest compounded annually until June 30, 2012, or until the effective
6.23date of retirement, whichever is earlier, and;
6.24(2) two percent interest compounded annually after June 30 from July 1, 2012, until
6.25June 30, 2018; and
6.26(3) after June 30, 2018, the deferred annuity must not be augmented.
6.27(f) If a person has more than one period of uninterrupted service, a separate average
6.28salary determined under section 354.44, subdivision 6, must be used for each period and
6.29the required reserves related to each period must be augmented as specified in this
6.30subdivision. The sum of the augmented required reserves is the present value of the annuity.
6.31For the purposes of this subdivision, "period of uninterrupted service" means a period of
7.1covered teaching service during which the member has not been separated from active
7.2service for more than one fiscal year.
7.3(g) If a person repays a refund, the service restored by the repayment must be considered
7.4as continuous with the next period of service for which the person has allowable service
7.5credit in the Teachers Retirement Association.
7.6(h) If a person does not render teaching service in any one fiscal year or more consecutive
7.7fiscal years and then resumes teaching service, the formula percentages used from the date
7.8of the resumption of teaching service must be those applicable to new members.
7.9(i) The mortality table and interest rate actuarial assumption used to compute the annuity
7.10must be the applicable mortality table established by the board under section 354.07,
7.11subdivision 1 , and the interest rate actuarial assumption under section 356.215 in effect
7.12when the member retires.
7.13(j) (f) In no case may the annuity payable under this subdivision be less than the amount
7.14of annuity payable under section 354.44, subdivision 6.
7.15(k) (g) The requirements and provisions for retirement before normal retirement age
7.16contained in section 354.44, subdivision 6, also apply to an employee fulfilling the
7.17requirements with a combination of service as provided in section 354.60 356.311.
7.18(l) (h) The augmentation provided by this subdivision applies to the benefit provided in
7.19section 354.46, subdivision 2.
7.20(m) (i) The augmentation provided by this subdivision does not apply to any period in
7.21which a person is on an approved leave of absence from an employer unit covered by the
7.22provisions of this chapter.
7.23(n) (j) The retirement annuity or disability benefit of, or the survivor benefit payable on
7.24behalf of, a former teacher who terminated service before July 1, 1997, which is not first
7.25payable until after June 30, 1997, must be increased on an actuarial equivalent basis to
7.26reflect the change in the postretirement interest rate actuarial assumption under section
7.27356.215, subdivision 8 , from five percent to six percent under a calculation procedure and
7.28tables adopted by the board as recommended by an approved actuary and approved by the
7.29actuary retained under section 356.214.
7.30EFFECTIVE DATE.If an appropriation is made to the Teachers Retirement Association
7.31in the 2017 legislative session for the employer contribution increase in this act, this section
7.32is effective the day following final enactment."
7.33Page 13, line 23, delete "January" and insert "July"
8.1Page 13, line 27, delete the period and insert ", or who retire when the member is at least
8.2age 62 and has at least 30 years of service under section 354A.31, subdivision 7."
8.3Page 13, delete line 28 and insert:
8.4"EFFECTIVE DATE.If an appropriation is made to the Teachers Retirement
8.5Association in the 2017 legislative session for the employer contribution increase in this
8.6act, this section is effective the day following final enactment."
8.7Page 18, lines 7 to 14, strike the old language and delete the new language
8.8Page 18, after line 28, insert

8.9

"teachers retirement plan

7.5"

8.10Page 23, line 17, before the period, insert ", except that the modification made to the
8.11Teachers Retirement Association investment return in this section is effective the day
8.12following final enactment only if an appropriation is made to the Teachers Retirement
8.13Association in the 2017 legislative session for the employer contribution increase in this
8.14act"
8.15Page 25, line 34, strike "2037" and insert "2047"
8.16Page 26, line 21, before the period, insert ", except that the modification made to the
8.17established date for full funding for the Teachers Retirement Association in this section is
8.18effective the day following final enactment only if an appropriation is made to the Teachers
8.19Retirement Association in the 2017 legislative session for the employer contribution increase
8.20in this act"
8.21Page 28, lines 7 to 8, delete ", except the Teachers Retirement Association,"
8.22Page 28, line 12, after "for" insert " the Teachers Retirement Association and"
8.23Page 28, line 14, delete everything after "annuity"
8.24Page 28, line 18, delete everything after "applicable."
8.25Page 28, delete line 19
8.26Page 37, line 19, after "(a)" insert " Except as set forth in paragraph (d), recipients of a "
8.27
8.28Page 37, line 21, strike "a" and insert "an annual" and strike "annually on " and insert
8.29", effective as of each"
8.30Page 37, line 23, strike "for each January 1 until funding stability is restored,"
8.31Page 37, line 24, strike "two" and insert "one" and strike ", effective on January 1,"
9.1Page 37, line 27, after the semicolon insert " and"
9.2Page 37, line 28, strike "for each January 1 until funding stability is restored,"
9.3Page 37, line 31, strike "an annual" and insert "a" and strike "two" and insert "one"
9.4Page 37, line 32, strike the semicolon and insert a period
9.5Page 38, strike lines 1 to 23
9.6Page 38, before line 24, insert:
9.7"(3) effective January 1, 2023, and thereafter, a postretirement increase must be applied
9.8each year to the monthly annuity or benefit amount of each annuitant or benefit recipient
9.9who has been receiving an annuity or a benefit for at least 12 full months as of the June 30
9.10of the calendar year immediately before the adjustment, at the following rates:

9.11		from January 1, 2023, through December 31, 2023	1.1 percent
9.12		from January 1, 2024, through December 31, 2024	1.2 percent
9.13		from January 1, 2025, through December 31, 2025	1.3 percent
9.14		from January 1, 2026, through December 31, 2026	1.4 percent
9.15		from January 1, 2027, and thereafter	1.5 percent

9.16(4) effective January 1, 2023, and thereafter, for each annuitant or benefit recipient who
9.17has been receiving an annuity or a benefit for at least one full month, but less than 12 full
9.18months, as of the June 30 of the calendar year immediately before the adjustment, an annual
9.19postretirement increase of 1/12 of the applicable percentage for each month that the person
9.20has been receiving an annuity or benefit must be applied to the monthly annuity or benefit
9.21amount of the annuitant or benefit recipient. The applicable percentages are the following:

9.22		from January 1, 2023, through December 31, 2023	1.1 percent
9.23		from January 1, 2024, through December 31, 2024	1.2 percent
9.24		from January 1, 2025, through December 31, 2025	1.3 percent
9.25		from January 1, 2026, through December 31, 2026	1.4 percent
9.26		from January 1, 2027, and thereafter	1.5 percent"

9.27Page 38, line 24, strike "(d)" and insert "(b)"
9.28Page 38, line 28, strike "(e)" and insert "(c)"
9.29Page 39, after line 2, insert:
9.30"(d) Members who retire on or after July 1, 2023, are entitled to an annual postretirement
9.31adjustment of the member's retirement annuity, effective as of each January 1, beginning
9.32with the year following the year in which the member attains normal retirement age, as
9.33follows:
10.1(1) if a member has been receiving an annuity for at least 12 full months as of the June
10.230 of the calendar year immediately before the date of the adjustment, a postretirement
10.3increase equal to the percentage specified in paragraph (a), clause (1), must be applied,
10.4effective on January 1 to the member's monthly annuity; or
10.5(2) if a member has been receiving an annuity for at least one full month, but less than
10.612 full months as of the June 30 of the calendar year immediately before the date of
10.7adjustment, a postretirement increase of 1/12 of the percentage specified in clause (1) for
10.8each month that the member has been receiving an annuity must be applied, effective on
10.9January 1, to the member's monthly annuity.
10.10If a member has been receiving an annuity for fewer than seven months as of the January
10.111 of the year following the year in which the member attains normal retirement age, a
10.12postretirement adjustment shall be applied effective as of the next January 1. The amount
10.13of the adjustment shall be determined under clause (1).
10.14(e) Paragraph (d) does not apply to members who retire under section 354.44, subdivision
10.156, paragraph (c), item (iii), or who retire when the member is at least age 62 and has at least
10.1630 years of service under section 354.44, subdivision 6, paragraphs (c), (d), (e), or (f), as
10.17applicable."
10.18Page 39, delete line 3 and insert
10.19"EFFECTIVE DATE.If an appropriation is made to the Teachers Retirement
10.20Association in the 2017 legislative session for the employer contribution increase in this
10.21act, this section is effective the day following final enactment."
10.22Page 74, delete lines 4 to 5 and insert:

10.23				"Annual		Monthly
10.24		before July 1, 2017	8.5 percent		0.71 percent
10.25		after June 30, 2017	7.5 percent		0.625 percent"

10.26Page 74, line 13, before the period, insert ", except that the modification made to the
10.27Teachers Retirement Association interest rate in this section is effective the day following
10.28final enactment only if an appropriation is made to the Teachers Retirement Association in
10.29the 2017 legislative session for the employer contribution increase in this act"
10.30Page 82, after line 12, insert:

10.31    "Sec. 11. Minnesota Statutes 2016, section 354.42, subdivision 2, is amended to read:
10.32    Subd. 2. Employee contribution. (a) The employee contribution to the fund is the
10.33following percentage of the member's salary:

10.34		Period	Basic Program	Coordinated Program
11.1		from July 1, 2013, until June 30, 2014	10.5 percent	7 percent
11.2 11.3		after June 30, 2014 from July 1, 2014, through June 30, 2022	11 percent	7.5 percent
11.4		after June 30, 2022	11.25 percent	7.75 percent

11.5(b) When an employee contribution rate changes for a fiscal year, the new contribution
11.6rate is effective for the entire salary paid for each employer unit with the first payroll cycle
11.7reported.
11.8(c) After June 30, 2015, if a contribution rate revision is required under subdivisions 4a,
11.94b, and 4c, the employee contributions under paragraphs (a) and (b) must be adjusted
11.10accordingly.
11.11(d) This contribution must be made by deduction from salary. Where any portion of a
11.12member's salary is paid from other than public funds, the member's employee contribution
11.13must be based on the entire salary received.
11.14EFFECTIVE DATE.If an appropriation is made to the Teachers Retirement Association
11.15in the 2017 legislative session for the employer contribution increase in this act, this section
11.16is effective the day following final enactment.

11.17    Sec. 12. Minnesota Statutes 2016, section 354.42, subdivision 3, is amended to read:
11.18    Subd. 3. Employer. (a) The regular employer contribution to the fund by Special School
11.19District No. 1, Minneapolis, is an amount equal to the applicable following percentage of
11.20salary of each coordinated member and the applicable percentage of salary of each basic
11.21member specified in paragraph (c).
11.22The additional employer contribution to the fund by Special School District No. 1,
11.23Minneapolis, is an amount equal to 3.64 percent of the salary of each teacher who is a
11.24coordinated member or who is a basic member.
11.25(b) The regular employer contribution to the fund by Independent School District No.
11.26709, Duluth, is an amount equal to the applicable percentage of salary of each old law or
11.27new law coordinated member specified for the coordinated program in paragraph (c).
11.28(c) The employer contribution to the fund for every other employer is an amount equal
11.29to the applicable following percentage of the salary of each coordinated member and the
11.30applicable following percentage of the salary of each basic member:

11.31		Period	Coordinated Member			Basic Member
11.32		from July 1, 2013, until June 30, 2014		7 percent		11 percent
12.1 12.2		after June 30, 2014 from July 1, 2014, through June 30, 2017		7.5 percent		11.5 percent
12.3		from July 1, 2017, through June 30, 2018		7.71 percent		11.71 percent
12.4		from July 1, 2018, through June 30, 2019		7.92 percent		11.92 percent
12.5		from July 1, 2019, through June 30, 2020		8.13 percent		12.13 percent
12.6		from July 1, 2020, through June 30, 2021		8.34 percent		12.34 percent
12.7		from July 1, 2021, through June 30, 2022		8.55 percent		12.55 percent
12.8		after June 30, 2022		8.75 percent		12.75 percent

12.9(d) When an employer contribution rate changes for a fiscal year, the new contribution
12.10rate is effective for the entire salary paid for each employer unit with the first payroll cycle
12.11reported.
12.12(e) After June 30, 2015, if a contribution rate revision is made under subdivisions 4a,
12.134b, and 4c, the employer contributions under paragraphs (a), (b), and (c) must be adjusted
12.14accordingly.
12.15EFFECTIVE DATE.If an appropriation is made to the Teachers Retirement Association
12.16in the 2017 legislative session for the employer contribution increase in this act, this section
12.17is effective the day following final enactment."
12.18Page 145, strike lines 1 to 7
12.19Renumber the sections in sequence and correct the internal references
12.20Amend the title accordingly
12.21The motion prevailed. #did not prevail. So the amendment was #not adopted.