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 members who attain age seventy and one-half before January 1, 2020, has been deleted, along with the corresponding provisions for those who reach this age after that date.

The new legal language inserted into the bill clarifies 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, it specifies that the payment of minimum distributions must comply with section 401(a)(9) of the Internal Revenue Code, as amended, and the relevant regulations for governmental plans.

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