Gov. Mark Dayton has signed a bipartisan bill aimed at stabilizing Minnesota's public employee pensions.

Dayton says Thursday's bill signing was his last as governor. The Democrat is not seeking re-election.

The measure 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. Minnesota Public Radio reports the legislation received unanimous support in the state House and Senate.

Dayton calls the bill's passage "a Herculean effort by everybody pulling together."

During the Capitol ceremony, Republican Sen. Julie Rosen said the changes will stabilize state finances. Rosen told other states "you should stand up and watch what happened in Minnesota."

The bill affects more than 500,000 people.