Legislature Passes Pension Bill!

5-22-2018
AFSCME members celebrate the passage of the pension bill.
AFSCME members celebrate the passage of the pension bill.

AFSCME members cheered late Sunday night as Minnesota Legislators passed the Omnibus Pension Bill.

The House passed the measure 131-0 and then the Senate (which passed the bill two months ago) quickly and unanimously signed off on some minor amendments. The bill now goes to Gov. Dayton for his signature.

House Speaker Kurt Daudt waited to take up pensions until just before midnight as the clock ticked down on the final few minutes of the legislative session.

The pension reform bill, which AFSCME and numerous public sector unions supported, was three years in the making. It will immediately save $3.4 billion and fully fund our pension systems within 30 years.

It includes shared sacrifice and shared responsibility from the state, employer, employee and retirees. The bill:

  • Increases the employer and employee contribution
  • Includes new state funding
  • Reduces COLAs
  • Reduces the assumed rate of return from 8 percent to 7.5 percent

Thank you to all the workers and retirees who have tirelessly shown up at the Capitol, called lawmakers and put on pressure. Your efforts have made retirements secure and dignified for decades to come!