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 enter agreements with the retirement board to extend PERS benefits to their employees, and the stipulation that any political subdivision not currently participating in PERS must undergo an actuarial study to determine required employer contributions for past service liabilities. Additionally, the bill outlines new employer contribution rates and requirements for both defined benefit and defined contribution plans, including a provision for state employers receiving budgetary approval from the legislative assembly.

The bill also introduces a three-month election period for eligible employees to transfer to the defined contribution plan, with specific conditions regarding the irrevocability of the election and the calculation of lump sum transfers. Furthermore, it mandates additional annual contributions from state employers for eligible employees who opt for the defined contribution plan. The amendments include various insertions and deletions to clarify definitions and requirements, such as changing the term "person" to "individual" and specifying the conditions under which contributions must be made. The bill is set to apply retroactively to January 1, 2025, and is declared an emergency measure.

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