Gov. Mark Dayton signed bipartisan legislation Thursday to stabilize Minnesota's public employee pensions.
In what he described as his last bill signing as governor, Dayton enacted a measure that immediately eliminates $3.4 billion in unfunded pension liabilities. It puts the state on the path to fully fund public employee pensions within 30 years, with retirees, current workers and state government sharing the costs. The legislation took several years to complete.
"This was a Herculean effort by everybody pulling together, really going into the deep details of what needed to be done, making concessions, giving up things that they thought were important for the sake of an agreement that everybody could support," Dayton said.
During the Capitol ceremony, Republican Sen. Julie Rosen said the changes will stabilize state finances.
"So, I just want to say to the other states, you should stand up and watch what happened in Minnesota," Rosen said.
The bill, which impacts more than 500,000 people, received unanimous support in the House and Senate.