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ND HB1039
Bill
Status
1/3/2023
Primary Sponsor
Legislative Management
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AI Summary
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Closes the public employees retirement system (PERS) defined benefit main plan to new eligible employees effective January 1, 2024, while allowing existing members to remain in the plan.
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Redirects new eligible employees hired after December 31, 2023, to the defined contribution retirement plan under chapter 54-52.6, with employee contributions of 4% (plus optional up to 3%) and employer contributions of 4.12% (plus optional matching up to 3%).
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Establishes new contribution structures: existing PERS members contribute 7% with employer match of 7.12%, while new defined contribution plan members have lower baseline contributions with optional increases.
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Appropriates $250 million from the general fund to reduce the PERS main plan's unfunded liability, transferring funds on July 1, 2023.
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Modifies legacy earnings fund distribution procedures to allocate 70 million dollars annually to PERS administrative expenses and unfunded liability when the plan's actuarial funded ratio is below 90 percent.
Legislative Description
Public employees retirement system retirement plan contribution rates upon reaching full funding; to provide an appropriation; to provide for a transfer; to provide for application; and to provide an effective date.
Last Action
Second reading, failed to pass, yeas 0 nays 91
2/22/2023