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ND HB1452
Bill
Status
5/1/2013
Primary Sponsor
James Kasper
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AI Summary
HB 1452 Summary
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Increases member and employer contributions to the Highway Patrolmen's Retirement Plan by 1% annually for three years (January 2012, 2013, and 2014), with reductions back to original rates once the plan reaches 100% funding ratio.
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Increases member and employer contributions to the Public Employees Retirement System by 1% annually for three years (January 2012, 2013, and 2014), with reductions back to original rates once the plan reaches 100% funding ratio.
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Temporarily allows nonclassified state employees to elect participation in the defined contribution retirement plan (effective October 1, 2013, through July 31, 2017) with automatic reversion to previous law after that date.
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Appropriates $22,000 from PERS income for implementation costs during the 2013-2015 biennium.
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Directs legislative management to study the feasibility of state retirement plans, including analysis of defined benefit versus defined contribution options, with findings due to the 64th legislative assembly.
Legislative Description
Increased employer and employee contributions under the highway patrolmen's retirement plan and public employees retirement system and eligibility to participate in the defined contribution retirement plan; to provide for a legislative management study; to provide an appropriation; to provide an effective date; and to provide an expiration date.
Last Action
Signed by Governor 05/01
5/1/2013