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ND HB1486
Bill
Status
1/18/2023
Primary Sponsor
James Kasper
Click for details
AI Summary
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Closes the Public Employees Retirement System (PERS) main defined benefit plan to new eligible employees effective January 1, 2025; existing members retain defined benefit coverage.
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Requires new eligible employees hired after December 31, 2024, to participate in the defined contribution retirement plan (Chapter 54-52.6) instead of the main plan.
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Reduces member contributions for new defined contribution plan participants from 7% to 4% of salary, with optional additional 3% contribution, while maintaining employer match.
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Appropriates $250,000,000 from the general fund on July 1, 2023, to reduce the unfunded liability of the PERS main system plan.
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Modifies state and local official enrollment requirements: state officials elected after December 31, 2024, and nonstate officials must enroll in the defined contribution plan rather than the defined benefit plan.
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 15 nays 78
2/22/2023