Tag Archives: defined benefits

Legislature Set To Give New State Workers Option For Defined Contribution Plans

Legislature Set To Give New State Workers Option For Defined Contribution Plans

Public pensions, nationally, are a mess and while North Dakota has escaped most of the nation’s economic problems over the last several years, pension headaches aren’t something we’ve been able to afford. Late last year the North Dakota Auditor’s office published some ugly pension numbers for the state’s Public Employees Retirement System. According to the audit, NDPERS

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With Pension Fund Only 49% Funded, City Of Minot Considering Defined Contribution Plans

All over the country, defined benefits pension plans are crumbling. Public sector plans for state and municipal workers are under water. Federal pension plans are under water. Even Social Security, which is little more than a sort of universal, defined-benefits pension plan is under water. And the fundamental problem with each of those plans is

North Dakota House Votes To Give Public Workers Defined Contribution Pension Option

Under HB1452, introduced by Rep. Jim Kasper, would give new state hires the option of choosing a defined contribution pension plan instead of the existing (and fiscally in jeopardy) defined benefits pension. SAB readers will remember that earlier this week there was a lengthy debate on the floor of the state Senate, in advance of

ND Senate Bails Out Public Worker Pensions, But Authorizes Study For Move To Defined Contribution Plans

In his speech carrying SB2059 to the floor, Senator Dick Dever noted an alarming fact that I’ve written about before here on SAB: North Dakota’s public employee pension system, PERS, has fallen to being only 67.4% funded. In 2011 the fund was 70.5% funded, and not so many years ago the fund was 104% funded.

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