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Jan. 3, 2014

Post-Retirement Increases (effective Jan. 1, 2014)

On Jan. 1, 2014, TRA benefit recipients will receive a 2.0 percent increase in the monthly benefit amount received. Under legislation passed in 2010, increases will remain 2.0 percent annually for subsequent years. Upon reaching a market value funded ratio of 90 percent, the annual increase would be restored to 2.5 percent. Omnibus Retirement Bill 2010

When an increase is granted, members who have been receiving a benefit for at least 18 months will receive the full increase. Members who have been receiving a benefit for at least six months, but less than 18 months, will receive a prorated increase.

 

July 2012

Post-Retirement Increases (effective Jan. 1, 2013)

On Jan. 1, 2013, TRA benefit recipients will receive a 2.0 percent increase in the monthly benefit amount received. Under legislation passed in 2010, increases will remain 2.0 percent annually for subsequent years. Upon reaching a market value funded ratio of 90 percent, the annual increase would be restored to 2.5 percent. Omnibus Retirement Bill 2010

When an increase is granted, members who have been receiving a benefit for at least 18 months will receive the full increase. Members who have been receiving a benefit for at least six months, but less than 18 months, will receive a prorated increase.



June 2010

Post-Retirement Increases (effective Jan. 1, 2011)

Based on legislation passed in 2010, a two-year suspension of annual post-retirement increases for benefit recipients is in effect for calendar years 2011 and 2012. Current law provides that beginning Jan. 1, 2013, annual increases will be 2.0 percent.  Upon reaching a market value funding ratio of 90 percent, the annual increase would be restored to 2.5 percent.

When an increase is granted, members who have been receiving a benefit for at least 18 months will receive the full increase.  Members who have been receiving a benefit for at least 6 months, but less than 18 months, will receive a prorated increase.



July 2009

Post-Retirement Increases (effective Jan. 1, 2010)

Based on legislation passed in 2008, the Minnesota Post Retirement Investment Fund (MPRIF or Post Fund) was abolished and merged with the respective active member funds on June 30, 2009.

On Jan. 1, 2010, TRA benefit recipients who have been retired at least 12 months will be paid a fixed 2.5 percent increase on January 1 of every year. Benefit recipients who have been receiving a benefit payment for at least one full month will receive a prorated increase equal to 1/12 of 2.5 percent for each month they have received a benefit.

Example: A member with a retirement date of Jan. 1, 2010 will receive the full 2.5 percent increase on Jan. 1, 2011, while a member with a retirement date of Jan. 2, 2010 will receive 11/12th of the 2.5 percent increase (2.29 percent) since they have been retired for 11 full months.



January 2009

2010 Legislative Summary [06.10]

Funding Status Question and Answers [05.10]

 

Post-Retirement Benefit Increases* Starting in 1972

Effective Date
of Increase
January 1
Percentage
of Benefit Adjustment
1972 2.50%
1973 4.50%
1974 11.537%
1975-1977 0%
1978 4.0%
1979-1980 0%
1981 3.209%
1982 7.436%
1983 6.853%
1984 7.499%
1985 6.905%
1986 7.884%
1987 9.792%
1988 8.054%
1989 6.918%
1990 4.040%
1991 5.10%
1992 4.295%
1993 4.553%
1994 6.017%
1995 3.98%
1996 6.4%
1997 8.0%
1998 10.1%
1999 9.8%
2000 11.14%
2001 9.53%
2002 4.49%
2003 0.74%
2004 2.103%
2005 2.5%
2006 2.5%
2007 2.5%
2008 2.5%
2009 2.5%
2010 2.5%
2011 0.0%
2012 0.0%
2013 2.0%
2014 2.0%

*Once retired, each January, post retirement increases may be applied to benefits, if specified under current law.

 

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