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Bill to help bolster Duluth Teachers’ Retirement Fund headed for Dayton’s desk

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Duluth News Tribune
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The merger of the Duluth Teachers’ Retirement Fund with the state teachers’ pension plan is headed to Gov. Mark Dayton for a decision.

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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. 

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