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PERS proposes participant fee to fund deferred‑comp administration; bill would stop current FICA redirect and reserve transfers
Summary
House Bill 1113 would authorize the Public Employees Retirement System to charge participants a quarterly administrative fee to fund the 457 deferred compensation plan, replacing the current mix of redirected FICA savings and transfers from other reserves; PERS projects about $10 per participant per quarter.
House Bill 1113 would change how administrative expenses for the NDPERS 457 deferred compensation plan are funded. Derek O'Brien (Derek Hobine in testimony), Chief Operating and Financial Officer for NDPERS, told the House Government and Veterans Affairs Committee the current funding mechanism is convoluted and relies on employer FICA savings from a separate FlexComp program plus transfers from health insurance reserves and occasional draws from the main defined‑benefit plan. That mechanism was established when the plan…
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