ST. PAUL, Minn. (AP) — A bill headed to Gov. Mark Dayton's desk would provide $14.3 million a year to the Duluth teachers' pension fund and another $7 million per year to the St. Paul Teachers' Retirement Fund.
A St. Paul Pioneer Press report (http://bit.ly/1rSUAlm ) says the funding was part of a larger bill the Senate passed Thursday. The House passed the measure last month.
Senate President Sandra Pappas, DFL-St Paul, says the St. Paul fund needs aid because it doesn't have enough assets to cover its liabilities. She says that's due to a 1978 legislative decision that allowed the district to set aside less money.
Several Republican senators said the money amounts to a bailout, but their amendments to the bill were unsuccessful.
Information from: St. Paul Pioneer Press, http://www.twincities.com