ST. PAUL (KFGO) – Minnesota teachers have been fighting for a better pension and now they’ll get it. Governor Tim Walz signed the state pensions bill.
Denise Specht, President of Education Minnesota, says the improved retirement benefits will really make a difference.
“The TRA tells us for a hypothetical teacher with a $75,000 high five average salary, this new law is an improvement of about $750 a month,” Specht said. “This change will go a long way to easing the teacher shortage because it creates a powerful incentive for people to get into teaching and stay in the profession.”
Education Minnesota reports more than 80 percent of Minnesota school districts have a teacher shortage.
The new law changes the age of retirement for teachers from 62 to 60 years old with 30 years of service. Specht says 40 percent of people with an active teaching license are currently not in the classroom.
The new pension plan also increases benefits for police officers, firefighters, state patrol and other public employees.
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