Bill to help bolster Duluth Teachers’ Retirement Fund headed for Dayton’s desk
The merger of the Duluth Teachers’ Retirement Fund with the state teachers’ pension plan is headed to Gov. Mark Dayton for a decision.
The state House of Representatives and the Senate approved that measure, which includes giving the fund $14.3 million a year until it’s stabilized, early Friday morning.
The Duluth plan — at 54 percent funded —is one of the worst-funded in the state. The school district has about two retirees drawing a pension for every active member paying into the fund; the opposite of its situation in the 1990s.
The Duluth fund’s board president, Tom Pearson, said the merger “is a step in the right direction. I hope the governor signs it.”
The bill also includes $7 million a year for the St. Paul pension plan, which would remain independent.