This bill amends section 54-52-02.15 of the North Dakota Century Code to establish changes regarding the participation of political subdivisions in the public employees retirement system's defined contribution retirement plan. Effective January 1, 2025, the defined benefit main plan will be closed to new eligible employees, who are defined as permanent employees meeting specific criteria, including age and prior participation in certain retirement plans. Instead, these eligible employees will participate in the defined contribution retirement plan under chapter 54-52.6. Existing members of the defined benefit plan prior to this date will retain their membership regardless of rehire status.

Additionally, the bill clarifies that participation in the defined contribution retirement plan is optional for political subdivisions, even if they have previously participated in the defined benefit plan. It also prohibits the board from assessing any fees or costs against a political subdivision for withdrawing from the defined contribution retirement plan. The amendments aim to streamline the retirement options available to new employees while providing flexibility for political subdivisions in managing their retirement plan participation.

Statutes affected:
INTRODUCED: 54-52-02.15