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ND SB2109
Bill
AI Summary
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Updates Internal Revenue Code compliance provisions for the Highway Patrolmen's Retirement Plan and Public Employees Retirement System to reference August 1, 2011 standards instead of August 1, 2009.
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Allows university system employees who are public employees retirement system members to purchase special annuities in the alternate retirement program using their combined contributions and employer contributions, with eligibility requiring combined service years to meet public employees retirement system retirement requirements.
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Modifies surviving spouse payment options under the highway patrolmen's retirement plan to include lump sum payments, 60-month payments, and monthly benefits equal to 50% of deceased member's accrued normal retirement benefits.
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Changes public employees retirement system board election eligibility by excluding employees who have terminated employment and restricting elected membership to one person per state department, institution, or agency.
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Allows employers in the defined contribution retirement plan to elect to pay employee contributions on behalf of employees and requires reporting of this choice to the board by June 15th of each odd-numbered year.
Legislative Description
Special annuity purchases in the alternate retirement program for university system employees, surviving spouse payment options under the highway patrolmen's retirement plan, calculation of member service credit under the highway patrolmen's retirement plan, election of members to the public employees retirement system board, calculation of normal retirement date for peace officers and correctional officers under the public employees retirement system, payment of member account balances under the public employees retirement system, purchase of sick leave credit under the public employees retirement system, spousal elections to participate in the uniform group insurance program, reporting of employer pickups under the defined contribution retirement plan, and Internal Revenue Code compliance under the highway patrolmen's retirement plan and the public employees retirement system.
Last Action
Filed with Secretary Of State 04/25
4/26/2011