The Minnesota Legislature is considering important legislation to sustain the TRA Fund. The TRA fund without legislative action/approval will result in a 4.5% deficit.
At the end of May, 2015, the Teachers’ Retirement Association (TRA) released a much-anticipated Experience Study outlining some serious issues facing its pension fund. The findings which were of an economic and demographic nature prescribed a fund that needed adjustments if it were to remain sustainable for future retirees.
Please note REAM has a “Conference” instead of “Convention” with this year’s “Conference” being Monday & Tuesday, September 26 & 27 at the Alexandria Holiday Inn.
LCPR (Legislative Commission on Pensions & Retirement) will meet on Tuesday, April 12 at 5:30 p.m. to discuss the TRA Sustainability Bill. The meeting will be in the State Office Building. If the legislature does not act on this bill in 2016, it will cost TRA $106.5 million.
Don Leathers testimony at the LCPR’s March 15 meeting.
The LCPR (Legislative Committee on Pensions & Retirement) is talking about taking no action this 2016 Session on the TRA Sustainability Proposal. If the proposal is delayed one year the cost to TRA is $106.5 million.
The Legislative session this year is a short one beginning March 8 and running about two months. Look for a big bonding bill, a transportation bill and the lowering of your TRA Pension’s Cola from 2% to 1% effective January 1, 2017.