Loading chat...
ND HB1258
Bill
Status
1/10/2011
Primary Sponsor
Bette Grande
Click for details
AI Summary
HB1258 Summary
-
Closes the Teachers' Fund for Retirement to new members effective July 1, 2012, requiring teachers hired after that date to participate in a new defined contribution plan instead.
-
Establishes a new defined contribution retirement plan (Chapter 15-39.3) with employee contributions of 7.75% and employer contributions of 8.75% of salary, with members directing their own investments.
-
Members are immediately 100% vested in their own contributions and vest in employer contributions on a schedule: 50% after 2 years, 75% after 3 years, and 100% after 4 years or upon reaching age 65.
-
Allows eligible employees to transfer or rollover funds from other qualified plans, receive distributions upon termination of employment, and receive disability benefits if totally and permanently disabled.
-
Appropriates $250,000 from the general fund to the Retirement and Investment Office for implementation costs during the 2011-2013 biennium.
Legislative Description
A defined contribution retirement plan for teachers; to provide a penalty; to provide a statement of legislative intent; to provide an appropriation; and to provide a continuing appropriation.
Last Action
Second reading, failed to pass, yeas 38 nays 56
2/18/2011