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Committee recommends letting local governments opt out of state defined‑contribution plan
Summary
House Bill 1602 would let political subdivisions opt out of North Dakota's new state defined‑contribution plan and form their own DC plans; the committee recommended a due pass after hearing from cities, counties and PERS.
House Bill 1602, presented to the North Dakota Senate State and Local Government Committee, would allow political subdivisions that participated in the state's defined‑benefit plan to opt out of the state's new defined‑contribution plan and form their own DC plans. The measure also prohibits the Public Employees Retirement System (PERS) board from charging political subdivisions fees to withdraw from the state DC plan.
Representative Jim Casper, the bill sponsor, said the legislature closed the state's defined‑benefit (DB) plan effective Dec. 31, 2024 and replaced it with a DC plan akin to a 401(k). He told the committee…
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