This bill amends the North Dakota Century Code to enhance the public employees retirement system, particularly for public safety personnel such as correctional officers, dispatchers, and emergency medical services personnel. Key updates include the definition of "correctional officer" and "dispatcher," which now require a minimum of thirty-two hours of work per week for at least twenty weeks annually to qualify for the retirement plan. New provisions also state that individuals starting employment after the bill's effective date cannot participate in any other retirement plans administered by the public employees retirement system. Additionally, the bill introduces a defined contribution retirement plan for new eligible employees starting January 1, 2025, and outlines specific contribution percentages for peace officers, firefighters, dispatchers, and emergency medical services personnel.

The bill further revises eligibility criteria for prior service benefits, requiring continuous employment with a governmental unit in North Dakota for at least two years before retirement eligibility. It clarifies definitions related to retirement dates and benefit calculations based on final average salary and years of service. The bill also details the distribution of a member's retirement account balance upon death, specifying the hierarchy of beneficiaries and options for surviving spouses. Provisions for automatic refunds of account balances under certain conditions, optional retirement benefits, and the establishment of individual retirement accounts for voluntary contributions are also included, aiming to create a more equitable and sustainable retirement system for public employees in North Dakota.

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