SB 2053 Summary

• Modifies retirement definitions and eligibility requirements for North Dakota public employees, including changes to normal retirement dates for members enrolled after December 31, 2015, increasing the combined age and service credit threshold from 85 to 90 with a minimum age of 60.

• Updates disability retirement eligibility to require members to apply within 12 months of employment termination and clarifies that disability benefits are limited to the fund to which the member was actively contributing when disabled.

• Changes early retirement benefit calculations for members enrolled after December 31, 2015, replacing actuarial reduction with a fixed 8 percent annual reduction rate.

• Modifies temporary employee participation in the uniform group insurance program, allowing temporary employees employed after July 31, 2007 to participate if employed at least 30 hours per week for at least 20 weeks annually.

• Establishes that participating members pay administrative expenses of the defined contribution plan as determined by the board, and allows the board to collect reasonable administrative fees from member accounts and vendor fines.

• Sets employer contribution penalties for defined contribution plans at 50 dollars plus 1 percent monthly interest if contributions are delinquent, with interest waivable if paid within 90 days of due date.