ND HB1154

Board shall establish a three-calendar-month election period beginning not later than February 1, 2016, allowing eligible defined contribution plan members to elect transfer to the public employees retirement system.

Participating members must be actively employed with a participating employer at time of election and cannot include retired members, those who received distributions, or members with qualified domestic relations orders.

Members who elect to transfer must waive all rights to their accumulated fund balance in the defined contribution plan, which will be transferred to the public employees retirement system.

If a member is married, spousal signature is required for the election to be effective unless the executive director waives this requirement due to extenuating circumstances.

Public employees retirement system shall credit transferring employees with service credit and salary history from their previous defined contribution plan records, and members become entitled to vested employer contributions prospectively from the transfer date.