Medium
Overview
- Effective January 1, 2025, the Main Defined Benefit Retirement Plan closed to newly enrolled new employees hired January 1, 2025 or later. This closure is in accordance with House Bill (HB) 1040 passed in the 68th Legislative Assembly.
- If first enrolled prior to January 1, 2025, and you work a minimum of 20 hours/week for 20 or more weeks of the year with a NDPERS employer, are at least eighteen years of age, and filling a permanent regularly funded position, you must participate unless you are eligible to opt out or special provisions apply.
Medium
- If you are an eligible part-time or temporary employee hired prior to January 1, 2025, with a participating NDPERS employer, you may elect to participate at your own expense within the first 180 days of beginning employment.
- Every month you contribute to your NDPERS retirement plan, you earn service credit.
- Effective January 1, 2023, your account balance accrues interest compounded monthly at 6.00%.
- Your lifetime, monthly benefit is calculated based on a formula. The formula differs for participants based on their enrollment and retirement dates. Reference the Defined Benefit (Main) Handbook to view the formula.
- You may elect to purchase service credit to increase your future monthly retirement benefit.
- If you become permanently disabled while actively contributing, your retirement plan includes a disability option.
- In the event of a divorce, please review the Qualified Domestic Relations Order for additional information.
Medium