The law provides contribution and retirement rules for participating correctional officers, including reduced early retirement payments at age 50 after at least three eligible years.
Correctional officers starting work on or after the law takes effect need at least 32 hours weekly and 20 weeks yearly to qualify. Those joining the public safety plan cannot also join another retirement system plan.
State correctional officers in the retirement system contribute 6% of their monthly salary. Their employer pays a separate amount based on the money needed to support retirement benefits.
Participating state and local correctional officers can reach normal retirement at 55 after at least three eligible years of work. Early retirement at 50 also requires at least three eligible years and reduces payments.
Correctional officers must meet work requirements to qualify, and covered public safety plan members cannot join another system plan at the same time. These rules cover participating correctional officers employed by North Dakota or a participating local government. The definition includes officers at correctional facilities who are enrolled in a course approved or certified by the North Dakota Department of Corrections and Rehabilitation but have not finished it. The restriction covers other plans run by the Public Employees Retirement System. The work requirements and restriction on joining another plan apply to officers who begin employment on or after the law's effective date.
State correctional officers contribute 6% of their monthly salary toward retirement, and their employer also pays into the plan. This contribution rule covers state correctional officers who belong to the Public Employees Retirement System. The retirement board determines how much the employer must pay to support the benefits. If the employer pays the officer's required share, it must pay that amount in addition to its own contribution. The officer's required contribution is deducted from salary in equal monthly installments.
Eligible state and local correctional officers can retire at age 55 or take reduced early retirement payments at age 50. These retirement dates cover participating correctional officers employed by the state or a participating local government. Normal retirement is also available when age plus credited years of service equals 85, provided the officer has not already received a retirement benefit under this chapter. Early retirement payments are reduced to account for payments starting before the normal retirement date. Age-based retirement starts on the first day of the month following the month when the officer meets both the age requirement and the required years of eligible employment.
No hearings or votes scheduled.