Pension Reform and Transition Costs

North Dakota Interim Retirement Committee 10 "Better Bang for the Buck 3.0" ■ NIRS study from January 2022 Third round of this study, other two released in 2008 and 2014. Highlighted by Milliman in previous presentations to the board. Presents an incomplete perspective on the relative efficiency of a DB vs. DC. Key issues ■ Is a DB plan more "efficient" with taxpayer dollars? ■ Does a DB plan manage risk better? Do DC plans have more fees? Are pension funds better investors than individuals? Is a DC plan 50% more expensive than a DB for the same benefit? Risk pooling vs Annuities Portability May 23, 2022

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