ND HB1133

Expands the definition of "beneficiary" to include persons, estates, trusts, or organizations designated in writing, with spouse as default primary beneficiary if married unless spouse consents in writing to alternate designation.

Updates salary definition to reference federal tax code sections in effect on August 1, 2011 (instead of 2009) and includes bonus amounts for performance, retention, experience, and other service-related bonuses, excluding early retirement incentive pay and severance pay.

Modifies retirement benefit commencement requirements to reference Internal Revenue Code section 401(a)(9) and benefit limitation provisions in effect on August 1, 2011, allowing for future cost-of-living adjustments.

Restructures death benefit provisions to allow members to designate contingent beneficiaries and establishes clearer procedures for payment distribution when members die before or after retirement, with options for lump sum or annuity payments.

Permits direct rollover distributions of eligible retirement funds to other qualified plans as allowed under Internal Revenue Code section 401(a)(31) in effect on August 1, 2011.