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ND HB1080
Bill
Status
2/26/2015
Primary Sponsor
Government and Veterans Affairs Committee
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AI Summary
HB 1080 Summary
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Reduces peace officer contributions to the public employees retirement system by one-half of one percent of monthly salary beginning January 2016.
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Changes final average salary calculation for members first enrolled after December 31, 2015 (except certain peace officers and judges) to use the five highest periods of twelve consecutive months instead of thirty-six months.
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Modifies normal retirement date for members first enrolled after December 31, 2015 to require combined service credit and age equal to ninety with minimum age of sixty, instead of eighty-five.
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Reduces normal retirement benefit rate for members first enrolled after December 31, 2015 to 1.9 percent per year of service (compared to 2 percent for earlier members).
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Applies fixed 8 percent annual reduction to early retirement benefits for members first enrolled after December 31, 2015 instead of actuarial reduction, and changes final average salary minimum from thirty-six to sixty months for this group.
Legislative Description
Decreased employee contributions under the public employees retirement system for peace officers employed by the bureau of criminal investigation and benefit changes for employees first enrolled in the public employees retirement system defined benefit retirement plan after December
Last Action
Second reading, failed to pass, yeas 14 nays 33
4/7/2015