Committee advances cleanup bill clarifying defined‑contribution plan eligibility and portability
House Bill 11‑46 clarifies which state entities may join or offer the new defined‑contribution plan created in last session's House Bill 10‑40, adds portability provisions and expands optional annuity options; the committee recommended due pass with referral to appropriations.
The full story
Representative Mike LaFore introduced House Bill 11‑46, explaining the measure consolidates several clarifications after last session's large retirement reform (House Bill 10‑40). He said the bill would allow political subdivisions not currently participating in NDPERS to join the new defined‑contribution (DC) plan, clarify the definition of "state employer" for entities that receive legislative budgetary approval, identify eligible state employees for a limited incentive window, and expand investment solutions to permit in‑plan or out‑of‑plan annuity options.
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