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ND HB1040
Bill
Status
4/29/2023
Primary Sponsor
Legislative Management
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AI Summary
HB 1040 Summary
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Closes the Public Employees Retirement System (PERS) defined benefit main plan to new eligible employees effective January 1, 2025, with new employees directed to the defined contribution plan instead.
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Allows existing PERS members with five or fewer years of service to transfer to the defined contribution plan from January 1-March 31, 2025, with the state providing an additional $3,333 annual employer contribution for up to three years.
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Transfers $135,000,000 from the strategic investment and improvements fund to the PERS fund to reduce the unfunded liability of the main system plan during fiscal years 2023-2025.
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Modifies contribution rates and eligibility requirements for state officials, temporary employees, and county elected officials, directing these groups to the defined contribution plan after December 31, 2024.
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Directs legislative management to study public employee retirement plan best practices and funding options for the main system plan, with reports due to the 69th Legislative Assembly.
Legislative Description
Public employees retirement system retirement plan contribution rates upon reaching full funding and balance transfer when opting to participate in the defined contribution plan; to provide for a legislative management study; to provide for a transfer; to provide for application; and to provide an effective date.
Last Action
Filed with Secretary Of State 05/01
5/18/2023