This bill amends several sections of the North Dakota Century Code concerning the public employees retirement system (PERS), specifically focusing on employer eligibility, contribution requirements, and employee options for transferring to a defined contribution retirement plan. Key changes include the authorization for political subdivisions to join PERS and the stipulation that any political subdivision not currently participating must undergo an actuarial study to determine required employer contributions for past service liabilities. Additionally, the bill outlines new employer contribution rates and requirements, particularly for state governmental units that receive budgetary approval from the legislative assembly, and establishes a framework for employees to elect to transfer to the defined contribution plan.

Notably, the bill introduces a three-month election period for eligible employees to transfer to the defined contribution plan, with the stipulation that the election is irrevocable. It also mandates that state employers pay an additional annual contribution for eligible employees who transfer, and it specifies the investment options available to participating members. The bill includes provisions for retroactive application to January 1, 2025, and declares an emergency for certain sections to ensure timely implementation.

Statutes affected:
INTRODUCED: 54-52-02.1, 54-52-06, 54-52.6-01, 54-52.6-02.2, 54-52.6-05, 54-52.6-09.5
Prepared by the Legislative Council staff for Representative Dockter: 54-52-02.1, 54-52-06, 54-52.6-01, 54-52.6-02.2, 54-52.6-05, 54-52.6-09.5
FIRST ENGROSSMENT: 54-52-02.1, 54-52-06, 54-52.6-01, 54-52.6-02.2, 54-52.6-05, 54-52.6-09.5
Enrollment: 54-52-02.1, 54-52-06, 54-52.6-01, 54-52.6-02.2, 54-52.6-05, 54-52.6-09.5