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ND SB2060
Bill
Status
4/11/2013
Primary Sponsor
Government and Veterans Affairs Committee
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AI Summary
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Updates Internal Revenue Code compliance references from August 1, 2011 to August 1, 2013 for the highway patrolmen's retirement plan and public employees retirement system.
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Modifies normal retirement dates for peace officers, correctional officers, national guard security officers, and firefighters, allowing retirement at age 55 with 3 years of service or when service plus age equals 85.
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Removes the level social security retirement benefit option from the public employees retirement system's available retirement benefit options.
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Authorizes the board to fund administrative expenses from collected funds, fines, and fees, including participant-paid fees for deferred compensation services.
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Creates a new section establishing Internal Revenue Code compliance requirements for the defined contribution retirement plan and clarifies distribution of deceased participants' accumulated account balances to beneficiaries.
Legislative Description
Incorporation of Internal Revenue Code compliance under the highway patrolmen's retirement plan and public employees retirement system, updating appropriate committee designations for the savings clauses under the highway patrolmen's retirement plan and public employees retirement system, the board's authority to fund administrative expenses, normal retirement dates for a peace officer or correctional officer, normal retirement dates for a national guard security officer or firefighter, normal retirement dates for a peace officer employed by the bureau of criminal investigation, removal of the level social security retirement benefit option under the public employees retirement system, defrayal of expenses associated with the pretax benefits program, and distribution of a deceased participant's accumulated account balance under the defined contribution retirement plan; and to provide a continuing appropriation.
Last Action
Signed by Governor 04/11
4/11/2013