ST. PAUL, MN—Legislators are celebrating the enactment of the bipartisan pension bill, which was signed into law on Thursday, and is expected to save Minnesota taxpayers $57 million in FY2019 and $263 million in the next biennium. According to Minnesota Management and Budget (MMB) the compromise proposal will eliminate $3.4 billion from the state's unfunded pension liability. The new law improves the sustainability of pensions for police, volunteer firefighters, teachers, and public employees.
"This is a victory for taxpayers and for the health of Minnesota's pension system," said Rep. Tim O'Driscoll, R-Sartell, Vice Chair of the Pension Commission. "All of the stakeholders came to the table and struck a compromise that earned unanimous support from lawmakers in the House and Senate. This is good governance at its best, and an example of great policy that can be achieved when there's bipartisan cooperation. I have been working on this issue along with Senator Pappas and Senator Rosen since 2015—finally our work has paid off."
"I want to thank Representative O'Driscoll for his leadership that helped make this pension fix a reality," added House Speaker Kurt Daudt, R-Crown. "Despite the governor's vetoes of two previous pension bills, DFL and GOP legislators continued their push—thanks to their work Minnesota's unfunded liability has instantly been reduced by more than $3 billion, saving taxpayers hundreds of millions of dollars in the coming years, and preserving the reliability of our pension system for the workers who rely on them."