Proposed Legislation in Review
Posted 4/23/20 (Thu)
The NDPERS Board introduced nine bills earlier this month to the Employee Benefits Programs Committee. The committee reviews legislative measures and proposals impacting the public employees' group insurance benefits and retirement programs as well as retiree health plans. Their thorough study of each of the proposed bills allows them to provide recommendations to the 2021 Legislative Assembly.
The following proposed bills are not final and are provided for your information only.
FUNDING OF THE NDPERS RETIREMENT SYSTEM
The NDPERS Board submitted four different funding bills to address the unfunded liability of the NDPERS Main Plan. Recognizing the current economic fluctuations, the NDPERS Board will amend any funding bills after the retirement plan valuation is completed for year end June 30, 2020.
The four proposed funding bills being studied by the Employee Benefits Programs Committee include the following:
- Represents a "catch-up" employer contribution.
- Permits for the plan to achieve full funding in 30 years.
- Denotes the Actuarially Determined Contribution rate which must be reported by the NDPERS Board during each legislative session (N.D. Century Code 54-52-06(4)).
FUNDING OF THE HIGHWAY PATROL RETIREMENT PLAN
- Amends the eligibility requirements for Retiree Health Insurance Credit (RHIC) payments.
- Provides for payments of any remaining account balance after a member or their survivor passes away.
- Changes the age at which Required Minimum Distributions must begin to be consistent with recent federal law changes