§ 54-52-29 — Employer service purchases

North Dakota § 54-52-29

• Jurisdiction: North Dakota
• Title 54: State Government
• Ch. 54-52: Public Employees Retirement System

Text

A participating employer may purchase additional service credit on behalf of a member
under the following conditions:
1. The member may not be given the option to choose between an employer service
purchase and an equivalent amount paid in cash.
2. The member must meet one of the following conditions at the time the purchase is
made:
a. The member's age plus service credit must be equal to or greater than
seventy-five; or
b. The member's age must be at least fifty-five and the member must have at least
three years of service credit.
3. The board must determine the purchase price on an actuarially equivalent basis,
taking into account the contributions necessary for both the retirement program and
the retiree health benefits fund.
4. The purchase must be completed before the member's retirement.
5. The employer may purchase a maximum of five years of service credit on behalf of the
member.
6. The employer must pay the purchase price for the service credit purchased under this
section in a lump sum.