Retirement funds likely to receive aid
ST. PAUL — Minnesota legislators are looking into ways to help two teacher retirement funds.
An overall pension bill that nears a full House vote would provide $15 million a year to ensure a successful merger of the financially troubled Duluth Teachers Retirement Fund Association and the Teachers Retirement Association, an organization serving teachers across the state. The bill also would provide $7 million annually to keep the St. Paul Teachers Retirement Fund Association fiscally sound.
The money involved with the Duluth fund would continue for 24 years. Leaders of that fund have told lawmakers that a better financial picture is doubtful because more retirees are getting benefits than there are current teachers to fund the system.