benefits programs committee.
1.
a.As determined by actuarial valuations, each state governmental unit that receives
budgetary approval from the legislative assembly shall contribute to the defined
benefit plan an amount on a level percent of compensation basis for all main
system defined benefit retirement plan employees and all defined contribution
retirement plan employees sufficient under the actuarial valuation to meet both
the normal cost plus the actuarially determined amount required to amortize the
unfunded accrued liability of the main plan over a closed period of thirty and
one-half years, beginning January 1, 2026, and continuing through June 30,
2056. By November fifteenth of each even-numbered year the board shall publish
the contribution rate required under this subsection.
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benefits programs committee.
1. a. As determined by actuarial valuations, each state governmental unit that receives
budgetary approval from the legislative assembly shall contribute to the defined
benefit plan an amount on a level percent of compensation basis for all main
system defined benefit retirement plan employees and all defined contribution
retirement plan employees sufficient under the actuarial valuation to meet both
the normal cost plus the actuarially determined amount required to amortize the
unfunded accrued liability of the main plan over a closed period of thirty and
one-half years, beginning January 1, 2026, and continuing through June 30,
2056. By November fifteenth of each even-numbered year the board shall publish
the contribution rate required under this subsection. The board shall calculate this
rate based on the July first actuarial report of that year. In lieu of each state
governmental unit that receives budgetary approval from the legislative assembly
contributing the additional actuarially determined rate, the legislative assembly
may authorize a transfer to the public employees retirement system fund in an
amount equal to or greater than the actuarially determined amount as most
recently published by the board for the succeeding biennium.
b. Each participating political subdivision and state governmental unit that does not
receive budgetary approval from the legislative assembly shall contribute an
amount equal to eight and twelve-hundredths percent of the monthly salary or
wage of a participating member.
c. For a participating member who first enrolls after December 31, 2019, a
participating political subdivision shall contribute an additional amount equal to
one and fourteen-hundredths percent of the monthly salary or wage of the
participating member.
2. For those members who elect to exercise their rights under section 54-52-17.14, the
employing governmental unit, or in the case of a member not presently under covered
employment the most recent employing governmental unit, shall pay the associated
employer contribution. If the employee's contribution is paid by the governmental unit
under subsection 3 of section 54-52-05, the employer unit shall contribute, in addition,
an amount equal to the required employee's contribution. Each governmental unit shall
pay the contribution monthly, or in the case of an election made pursuant to section
54-52-17.14 a lump sum, into the retirement fund from the governmental unit's funds
appropriated for payroll and salary or any other funds available for these purposes.
Any governmental unit failing to pay the contributions monthly, or in the case of an
election made pursuant to section 54-52-17.14 a lump sum, or failing to otherwise
comply with the board's established wage reporting or payroll reporting process
requirements, is subject to a civil penalty of fifty dollars and, as interest, one percent of
the amount due for each month of delay or fraction of a month after the payment
became due. In lieu of assessing a civil penalty or one percent per month, or both,
interest at the actuarial rate of return may be assessed for each month the
contributions are delinquent. If contributions are paid within ninety days of the date the
contributions became due, penalty and interest to be paid on delinquent contributions
may be waived.
3. An employer is required to submit contributions for any past eligible employee who
was employed after July 1, 1977, for which contributions were not made if the
employee would have been eligible to become vested had the employee participated
and if the employee elects to join the public employees retirement system. Employer
contributions may not be assessed for eligible service that an employee has waived
pursuant to subsection 1 of section 54-52-05.
4. Annually, the board shall report to the employee benefits programs committee the
contributions necessary, as determined by the actuarial study, to maintain the fund's
actuarial soundness.