The bill amends the North Dakota Century Code to update the public employees retirement system, particularly the public safety retirement plan. It introduces new definitions for "correctional officer," "dispatcher," and "emergency medical services personnel," establishing that these individuals must work at least thirty-two hours per week and twenty weeks each year to qualify. Additionally, it specifies that individuals who begin employment after the effective date of the Act cannot participate in any other retirement plan administered by the public employees retirement system. The bill also mandates the closure of the defined benefit main plan to new hires effective January 1, 2025, requiring them to participate in a defined contribution retirement plan instead.

Moreover, the bill revises eligibility criteria for prior service benefits and updates definitions related to retirement dates and benefit calculations for various employee categories. It outlines the procedures for distributing a member's retirement account balance upon their death, detailing the hierarchy of beneficiaries and options for surviving spouses. The bill also establishes rules for the receipt of retirement benefits, allowing for various optional forms and specifying default options for most members. Additionally, it permits rollovers and trustee-to-trustee transfers for purchasing additional service credit and allows for the establishment of individual retirement accounts for voluntary contributions.

Statutes affected:
INTRODUCED: 54-52-01, 54-52-02.1, 54-52-02.15, 54-52-06.3, 54-52-06.4, 54-52-17
Adopted by the Senate State and Local Government Committee: 54-52-01, 54-52-02.1, 54-52-02.15, 54-52-06.3, 54-52-06.4, 54-52-17
Enrollment: 54-52-01, 54-52-02.1, 54-52-02.15, 54-52-06.3, 54-52-06.4, 54-52-17