Senate Bill 2102 Summary

• Effective August 1, 2015, national guard security officers and firefighters transition from the plan under section 54-52-06.2 to the plan under section 54-52-06.4, with their account balances managed under the new section.

• National guard security officers in the new plan contribute 6% of monthly salary effective August 1, 2015, decreasing by one-half of one percent beginning January 2016.

• New eligible employees cannot enroll in the old national guard security officer and firefighter plan after July 31, 2015.

• National guard security officers and firefighters become eligible for normal retirement at age 55 with at least 3 years of employment or when combined age and service credits equal 85, and early retirement at age 50 with at least 3 years of employment.

• Contribution increase requirements are reduced to July 1, 2013 rates once the public employees retirement system main system achieves an actuarial value of assets to accrued liability ratio equal to or greater than 100%.