N.D. Cent. Code § 54-52-02.15

Current through 2023 Legislative Sessions

Section 54-52-02.15 - [Effective 1/1/2025] Public employees retirement system main plan - Closure to new hires - Multiple plan membership

1. Under this section "eligible employee" means a permanent employee who:

a. Meets all the eligibility requirements set by this chapter;

b. Is at least eighteen years of age;

c. Becomes a participating member after December 31, 2024; and

d. Is not eligible to participate in the law enforcement plan, judges' plan, highway patrol plan, teachers' fund for retirement plan, or alternative retirement program established under section 15-10-17 for university system employees.

2. Effective January 1, 2025, the public employees retirement system defined benefit main plan maintained for employees is closed to new eligible employees. However, an employee who becomes a participating or deferred member under this chapter before January 1, 2025, remains in the defined benefit retirement plan under this chapter, regardless of being rehired after December 31, 2024.

3. Except as otherwise provided under this section, effective January 1, 2025, an eligible employee who begins employment with an employer shall participate in the defined contribution retirement plan under chapter 54-52.6 as provided under section 54-52.6-02.1.

4. This section does not impact an employee to the extent the employee is a participating member in one or more of the following enumerated plans: law enforcement plan, judges' plan, highway patrol plan, teachers' fund for retirement plan, or alternative retirement program established under section 15-10-17 for university system employees.

a. A participating or deferred member in the defined contribution retirement plan under chapter 54-52.6 who becomes eligible to participate in a plan enumerated under this subsection is eligible to participate in the retirement plan enumerated under this subsection.

b. A participating member of a retirement plan enumerated under this subsection who becomes an eligible employee is not eligible to participate in the defined benefit retirement plan under this chapter but instead participates in the defined contribution retirement plan under chapter 54-52.6. However, this subdivision does not apply to an individual who before January 1, 2025, is a participating or a deferred member under this chapter, as that individual continues to participate in the defined benefit retirement plan under this chapter.

5. The board shall adopt rules to implement this section.

N.D.C.C. § 54-52-02.15

Amended by S.L. 2023SP1, ch. 644 (HB 1548),§ 7, eff. on the date which must be before 1/1/2025, identified in a certification by the retirement board, only if the board certifies to the legislative council that the public employees retirement system is prepared to close the main system defined benefit retirement plan on the day before the date identified by the board, and to open the new defined contribution retirement plan on the date identified by the board.

Added by S.L. 2023, ch. 514 (HB 1040),§ 7, eff. 1/1/2025.

Amended by S.L. 2023, ch. 47 (SB 2015),§ 40, eff. 1/1/2024, if before that date the retirement board certifies to the legislative council that the public employees retirement system is prepared to close the main system defined benefit retirement plan on 12/31/2023, and to open the new defined contribution retirement plan on 1/1/2024, or on 1/1/2025, if this contingency is not satisfied.

This section is set out more than once due to postponed, multiple, or conflicting amendments.