ND HB1174

Amends subsection 4 of section 15-39.1-10 of the North Dakota Century Code regarding teachers' retirement benefit distribution requirements.

For members attaining age 70.5 before January 1, 2020, required beginning date for retirement benefits is no later than April 1 following the year they turn 70.5 or terminate employment, whichever is later.

For members attaining age 70.5 after December 31, 2019, required beginning date is no later than April 1 following the year they turn 72 or terminate employment, whichever is later.

Payments must be distributed over the life expectancy of the member or joint life expectancy of the member and beneficiary, in accordance with Internal Revenue Code section 401(a)(9) and applicable regulations for governmental plans.

Passed House 89-1 (4 absent) and Senate 47-0 (0 absent).