The bill amends subsection 4 of section 15-39.1-10 of the North Dakota Century Code, specifically addressing the eligibility criteria for normal retirement benefits. The previous language regarding the required beginning date for members who reach age seventy and one-half has been deleted. Instead, the bill establishes that payments must be made over a period that does not exceed the life expectancy of the member or the joint life expectancy of the member and their beneficiary.

Additionally, the bill introduces new legal language that specifies that the payment of minimum distributions must comply with section 401(a)(9) of the Internal Revenue Code, as amended, along with the relevant regulations applicable to governmental plans. This change aims to clarify the requirements for retirement benefit distributions and ensure alignment with federal regulations.

Statutes affected:
INTRODUCED: 15-39.1-10
Enrollment: 15-39.1-10
PREFILED: 15-39.1-10