North Dakota Administrative Code › Title 71 - Retirement Board › Article 71-08 - Defined Contribution Retirement Plan › Chapter 71-08-07 - Additional Contributions › Section 71-08-07-01 - Additional employer contributions

Current through Supplement No. 393, July, 2024
An employer may elect to provide additional employer
				  contributions to an employee's account in an amount not exceeding the
				  equivalent of a purchase of up to five years of service credit for that
				  employee and the purchase of an employee's unused sick leave that meets the
				  requirements of section
				  71-08-07-02. Before offering such
				  a program to its employees, an employer must create a program and document it
				  in writing and submit a copy to the public employees retirement system. The
				  governing authority of the employer shall also submit to the executive director
				  of the public employees retirement system a letter indicating:
1. The program meets all the requirements of
				the North Dakota Century Code.
2.
				The program meets all applicable federal requirements.
3. The employer agrees to remit to the public
				employees retirement system a lump sum payment of the cost of the purchase upon
				being billed.
4. The employer has
				not given the employee the option of a cash payment in lieu of the employer
				purchase.
5. The employer shall
				clearly specify who is eligible for the program and indicate if the program is
				intended to be permanent or will be for a specific time period only.
6. The employer agrees that all additional
				employer contributions will not exceed the equivalent of a purchase of service
				credit as determined by the public employees retirement system and all unused
				sick leave purchases will be based upon the computation specified in the North
				Dakota Century Code. The employer also agrees that all purchases will be
				completed no later than the fifteenth day of the month following the month of
				the employee's termination or sixty days from the date the employer and
				employee agree to the purchase, whichever comes first.
7. The employer agrees that in offering such
				a program the employer will direct each employee interested in the program to
				first apply to the employer's authorized agent who will then certify the
				eligibility of the member and the amount of service credit to be purchased or
				sick leave to be converted and send such certification to the public employees
				retirement system. The employer also agrees that the employer's authorized
				agent will coordinate the program, authorize all purchases in writing to the
				public employees retirement system and be the focal point for communications
				between the public employees retirement system, the employer, and the employee.
8. The employer agrees that for
				each employee certified to be eligible to have service credit purchased or sick
				leave converted, the employer will first obtain from the employee authorization
				for the public employees retirement system to share confidential information
				with the employer.
9. The employer
				certifies that in offering the program, the employer is making it available to
				all employees or a specified class of employees on a nondiscriminatory basis.
10. The employer agrees to provide
				information and policies pertaining to the employer purchase program pursuant
				to North Dakota Century Code section
				54-52-26.
When an employer files the above letter with the public
				  employees retirement system, the employer may offer the program to its
				  employees. An employer may terminate this program at any time upon the
				  governing authority of the employer sending to the executive director of the
				  public employees retirement system a letter indicating when the program is to
				  be canceled.
General Authority: NDCC
					 54-52-04,
					 54-52.6-04
Law
					 Implemented: NDCC
					 54-52.6-09.2