| A. The Minnesota Legislature in 1969 provided that a specific class of Minnesota TRA Fund teachers, who rendered teaching service during the 1968-1969 school year (hereinafter "Pre-69 teachers"), were to be given the right to choose ONE of five pension programs to be provided by IRA upon their legal retirement. This choice was stated on the Official Election Form to be IRREVOCABLE. This pension election choice had to be made by July 1,1972. B. The Minnesota Legislature in 1973 provided a new "High 5" Formula Pension Plan ("High 5") for some Minnesota teachers. C. The Minnesota Legislature in 1973 provided TWO choices for some Pre-1969 teachers who had failed to return a signed Official Election Form. The TWO choices were between the High 5 and the Improved Money Purchase Pension Plan ("IMP"). This IMP pension annuity is based upon the amount of contributions plus interest plus an additional 20% sum of money for each Pre-69 teacher who was in this special class; they did not provide the same TWO pension choices to other Pre-69 teachers in this class. D. The Minnesota Legislature, in 1974, changed the IRREVOCABLE choice some Pre-69 teachers made before July 1, 1972, without their consent, to a single High 5 or a Combination Pension Plan. E. From 1973 to their retirement dates, all TRA teacher members of the class of 1968-1969 and their employing school districts made the same exact contributions to the TRA based upon percentage of salary. F. From 1973 to 1998 there was never any notice given by TRA to its members in any TRA communication that some Pre-69 teachers had been given TWO pension choices. |
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| -Handout for Legislators- |
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