Minnesota has become the latest state in the Midwest to enact major legislative reforms designed to improve the long-term health of its public retirement system. SF 2620 received unanimous support in the state House and Senate.
“[It] stabilizes pension benefits for 511,000 [Minnesota] workers, retirees and their families,” Gov. Mark Dayton said when he signed the bill in late May.
Before enactment of this legislation, Minnesota faced $16.2 billion in unfunded pension liabilities; the new law puts the state on a path to fully fund its retirement system within 30 years. The state will contribute $27 million in 2019 and $114 million during the next biennium. Under the law, too, public employers and current public workers will pay higher contribution rates. The state also reduced the cost-of-living adjustment for current retirees.
Five years ago, a little more than 2,000 students from 150 different U.S. university campuses were asked the following question: Have you ever decided against buying (or renting) a textbook because it was too expensive?
Sixty-five percent of the respondents to this U.S. Public Interest Research Group survey said “yes,” and nearly all of them also noted that they were concerned the decision would hurt them academically.
The survey results helped bring attention to a sometimes overlooked facet of college expenses — the cost of books and supplies. During the most recent school year, students at four-year public colleges spent an average of $1,250 on these materials, according to estimates from the College Board.
“If you walk into a Barnes & Noble, it’s hard to find any book that costs more than $40,” Minnesota Sen. Rich Draheim says. “It’s the exact opposite for college students. I understand that for specialized classes, costs are going to be high. But I think we can do better with what is offered for the more general or introductory courses.”