This bill amends several sections of the North Dakota Century Code related to the public employees retirement system (PERS), specifically addressing 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 new political subdivision wishing to participate must first conduct an actuarial study to determine required employer contributions for past service liabilities. Additionally, the bill outlines specific employer contribution rates, including a phased increase for governmental units and additional contributions for new employees who enroll after December 31, 2019.

Notably, the bill introduces a provision allowing eligible employees to transfer to the defined contribution retirement plan, with a three-month election period starting January 1, 2025. Employers of those who transfer will be required to make additional annual contributions for up to three years. The bill also includes various definitions and clarifications regarding employee eligibility and investment options within the retirement system. Furthermore, it declares an emergency for the retroactive application of certain provisions, specifically those related to the transfer of employees to the defined contribution plan.

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