52-11 Retirement Program for Certain State Employees

Download pdf

Loading PDF...


CHAPTER 52-11RETIREMENT PROGRAM FOR CERTAIN STATE EMPLOYEES52-11-01. Retirement for certain state employees.1.The North Dakota national guard is authorized to establish an employee retirement<br>program by contract with an insurance company, state or national bank and trust<br>company, or an investment company, authorized under the law to do business in<br>this state, the state investment board, or the North Dakota public employees<br>retirement system.Except for a retirement program established under chapter54-52, the North Dakota national guard shall prepare specifications of the terms of<br>the retirement program which must be submitted to not less than three companies or<br>agencies with a request for bids upon the retirement program contracts. After the<br>submission of at least three bids, the adjutant general shall compare the bids, and<br>with the approval of the governor, shall execute a contract for the retirement<br>program with the company or agency submitting the lowest and best bid. The public<br>employees retirement system board is authorized to administer the retirement plan<br>established in 1961 and frozen to new entrants in 1980 for employees of job service<br>North Dakota.The public employees retirement system board shall fund theadministrative expenses of administering that retirement plan from the funds in that<br>plan.2.The employing agency shall be authorized to withhold the employee's share of the<br>contributions required under such retirement program from the salary paid each<br>employee of such agency. The amount of such withholding must be an adjustable<br>percentage rate of the employee's salary sufficient to provide financing of the<br>required employee's contributions to such retirement plan as such plan was<br>originally contracted and as it has been or will be amended, provided that such<br>percentage rate may not exceed the percentage rate which may be fixed for<br>withholding from federal employees for employee contributions to the federal<br>retirement program under civil service. The employing agency shall be authorized to<br>pay a sum as prescribed in the program contract toward the cost of such retirement<br>program, which sum may not be in excess of the amount approved by the<br>appropriate federal agency supervising the payment or reimbursement of salary and<br>retirement program costs. The amount withheld from the wages due an employee<br>and the amount to be paid by the employing agency must be paid to the company<br>holding such retirement program contract in accordance with the terms of such<br>contract.3.The employing agency's share of the costs of such retirement program must be paid<br>from any funds made available to it for this purpose by the United States<br>government, and in the case of employees of such agencies for whom the state<br>does not receive federal payments for salary costs, such employer's share may be<br>made from any appropriations made available for the purpose of paying such<br>salaries. Payments may be made for prior service of employees in accordance with<br>the terms of the retirement program contract and in accordance with the availability<br>of funds. The contract must specify the terms and conditions under which employee<br>contributions may be withdrawn from the program and for the crediting of the<br>employer's contributions to future payments due from the employing agency.<br>Provision may be made in the contract for optional payment of benefits to survivors<br>of covered employees. Each agency participating in the retirement program shall be<br>authorized to do all things necessary for the proper administration of the program,<br>but no benefits payable under the terms of the retirement program contract shall<br>ever become an obligation of the state.Page No. 1Document Outlinechapter 52-11 retirement program for certain state employees