ND HB1228

Establishes August 1, 2011, as the eligibility cutoff date for the defined contribution retirement plan, making it available only to state employees first hired after July 31, 2011, and certain newly elected or appointed officials.

Allows newly elected or appointed state officials hired after August 1, 2011, to automatically participate in the defined contribution plan rather than the public employees retirement system.

Permits temporary employees hired after July 31, 2011, to elect participation in the defined contribution plan within 180 days of employment, requiring them to contribute 8.12 percent of salary plus retiree health benefit contributions.

Allows employees who transition to temporary status to continue participating in the defined contribution plan by filing an election within 180 days, with the same 8.12 percent contribution requirement.

Requires the legislative management to receive two annual actuarial valuations of the public employees retirement system during the first two years after enactment to assess the fiscal impact of these changes.