> PENSION LAW
What the changes mean
To ensure that TRA is sustainable for future generations of retired educators, changes to the plan are
sometimes necessary. Legislation passed in 2018 immediately reduced TRA liabilities by $2.0 billion, increased the funded ratio to 75 percent (from 70 percent), and put the plan on track to be 92 percent funded in 30 years.
Changes
affecting retirees
ANNUAL COST OF LIVING ADJUSTMENT (COLA)
1/1/2019 – 1/1/2023 = 1.0 percent
1/1/2024 = 1.1 percent
1/1/2025 = 1.2 percent
1/1/2026 = 1.3 percent
1/1/2027 = 1.4 percent
1/1/28
and thereafter = 1.5 percent
COLA ELIGIBILITYBeginning 7/1/2024, eligibility for receipt of first COLA changes to normal retirement age (age 65-66, depending on date of birth). Exempt: members
who retire under Rule of 90, and members who retire at least age 62 with at least 30 years of service credit.
> (June 1, 2019) Prior Lake High School serves 2,562 students in grades 9-12. That makes it the 6th
largest school in Minnesota. Source: www.publicschoolreview.com/school-size-stats/minnesota
>
Jan 28 We have received some concerns about the email address on this page. Any individual email addresses will not appear at this web site. We will continue to provide a listing of names of the retired staff people as one of the menu options,
and their years of retirement.
> (FEB 12, 2019) PRIOR LAKE 2018-2019 TEACHERS OF YEAR
LINK TO PRIOR LAKE AMERICAN
ARTICLE ON THESE TEACHERS
> (May 1, 2019) RETIRING STAFF CELEBRATION ON MAY 16
(INFORMAL GATHERING AFTER
THE CELEBRATION AT "THE POINT" IN PRIOR LAKE!!)