This bill amends several sections of the North Dakota Century Code related to 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 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 employees who enroll after December 31, 2019.

Notably, the bill introduces a new provision allowing eligible employees to transfer to the defined contribution retirement plan, with a defined election period and stipulations regarding employer contributions for those who make the transfer. The bill also includes various definitions and clarifications regarding terms such as "eligible employee" and "participating member." Furthermore, it establishes that certain contributions will be retroactively applied from January 1, 2025, and declares an emergency for the implementation of these changes.

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