Welcome to the latest edition of This Week in Pensions! We have gathered the best stories about pensions and retirement security from the previous week. You need to know this news in the fight for a secure retirement.
Big Win for Educators in Minnesota
Early this week, Minnesota lawmakers passed pension reform measures improving pension benefits for teachers in the North Star State. The bill, now heading to Governor Tim Walz’s desk, reduces the retirement age and lessens early retirement penalties, granting educators benefits that mirror their predecessors’.
The reform effort in Minnesota had strong grassroots support from teachers across the state. Supporters believe the move will provide immediate budget relief for school districts struggling with deficits and potential layoffs by creating an enhanced career rule for teachers at least 60 years of age and with 30 years of service in public schools.
“This is a great victory for Minnesota teachers,” said Denise Specht, the president of Education Minnesota. “This ongoing investment will establish a career rule that compares well to the old ‘Rule of 90’ and will go a long way toward easing the teacher shortage that has spread to nearly 90% of school districts in Minnesota.”
New Hampshire Public Safety Leaders Want Pension Improvements to Aid Recruitment
Public safety employees in New Hampshire are aiming to remedy Group II pension reforms put in place thirteen years ago to curb the state’s lackluster recruitment and retention rates. The New England state, often touted as the safest in the nation, is struggling to keep firefighters, EMTs, and police officers on the payroll.
Earlier this year, Governor Kelly Ayotte promised a chunk of her budget proposal to make changes to the Group II middle-tier employees’ retirement benefits, saying, “Our ranking as the safest state in the nation is the result of the work of our dedicated law enforcement personnel, from our State Troopers, to our corrections officers and local police, deputy sheriffs, firefighters, probation and parole officers, we depend on them, and they depend on us to make sure they have the tools they need to do their jobs.”
House Bill 2, now awaiting a vote in the state senate, includes provisions to address pension system inequities.
Be sure to check back next Friday for the latest news in the fight for a secure retirement! For now, sign up for NPPC News Clips to receive daily pension news from across the country directly to your inbox.