Governor signs 2018 pension bill

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Governor signs 2018 pension bill

Joined by employers, current and retired public employees from across Minnesota, Gov. Mark Dayton today signed the 2018 Omnibus Retirement Bill into law.

“That’s the last bill I’ll sign as governor of Minnesota and what a great way to end on,” Dayton said at the signing ceremony.

The bipartisan legislation (H.F. 3053/S.F. 2620) includes sustainability measures for all four of the state’s public pension systems and lowers the rate of return on investments to 7.5 percent. The new law will immediately eliminate $3.4 billion in unfunded pension liabilities. It is the first pension bill signed into law since 2015.

Upon passage in the Senate in March, pension bill co-author and chair of the Legislative Commission on Pensions and Retirement (LCPR) Sen. Julie Rosen praised the engagement of those who have worked for three years on a pension sustainability package with “significant benefit reforms” as well as contribution rate increases for employers and employees. Rosen said the effort reflects “true shared sacrifice.”