This bill amends several sections of the North Dakota Century Code concerning 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 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 conditions for state governmental units, particularly those receiving 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 election being irrevocable. It also mandates that state employers contribute an additional annual amount for eligible employees who make this transfer. The bill includes provisions for the investment direction of contributions and specifies the types of investment options available to members. Furthermore, it declares an emergency for certain sections to ensure timely implementation, with retroactive application to January 1, 2025, for the transfer provisions.

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