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ND HB1146
Bill
Status
4/11/2025
Primary Sponsor
Mike Lefor
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AI Summary
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Expands the defined contribution retirement plan to allow political subdivisions to participate, in addition to state governmental units, by authorizing them to enter agreements with the retirement board under chapter 54-52.6
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Establishes differentiated employer contribution requirements effective after December 31, 2025: state entities with legislative budgetary approval contribute based on actuarial valuations to amortize unfunded liability over 30.5 years through June 30, 2056, while political subdivisions contribute 8.12% of monthly salary
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Provides a three-month election period (January 1 - March 31, 2025) for eligible state employees with five or fewer years in the defined benefit plan to make an irrevocable transfer to the defined contribution plan, with accumulated benefits transferred as a lump sum
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Grants state employers of employees who elect to transfer to the defined contribution plan an additional annual contribution of $3,333 for up to three years (January 2026 through January 2028)
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Passed the House 82-7 and Senate 46-0, with Section 4 (election provisions) declared an emergency measure with retroactive application to January 1, 2025
Legislative Description
Employer eligibility to participate in the public employees retirement system defined contribution retirement plan, employer contribution requirements for the defined benefit and defined contribution retirement plans, and employee eligibility to elect to transfer to the defined contribution retirement plan; to provide for retroactive application; and to declare an emergency.
Last Action
Filed with Secretary Of State 04/11
4/14/2025