Pension Reform and Transition Costs
North Dakota Interim Retirement Committee
12
May 23, 2022
Do NDPERS Retirement Plans Work for All
Employees?
46% of new NDPERS members leave before 3 years.
Benefited employees must work 3 years before their benefits become
vested.
Members who leave the plan before then must forfeit contributions their
employer made on their behalf.
Another 20% of new employees who are still working after 3 years will
leave before 10 years of service.
17% of all new paid members hired next year will still be working after
30 years (with age 55), long enough to qualify for a reduced benefits.
·
North Dakota ensures that all state employees have access to Social
Security benefits.
Source: Pension Integrity Project analysis of NDPERS withdrawal and retirement rate assumptions. Estimated percentages are based on the expectations used
by the plan actuaries; if actual experience is differing substantially from the assumptions then these forecasts would need to be adjusted accordingly.View entire presentation