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North Dakota Century Code Title 15. Education § 15-39.1-12. Early reduced retirement benefits

Current as of January 01, 2024 | Updated by Findlaw Staff

A member who has acquired a vested right to a retirement annuity as set forth in section 15-39.1-11 and who has attained age fifty-five may retire prior to the normal retirement age as set forth in section 15-39.1-10 but the benefits to which the member is then entitled must be reduced according to the following schedule:

1. All tier one grandfathered member benefits must be reduced by six percent per annum from the earlier of:

a. Age sixty-five; or

b. The age at which the sum of the member's current years of service credit and years of age equals eighty-five.

2. All tier one nongrandfathered member and tier two member benefits must be reduced by eight percent per annum from the earlier of:

a. Age sixty-five; or

b. The later of:

(1) Age sixty; or

(2) The age at which the sum of the member's current years of service credit and years of age equals ninety.

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Cite this article: FindLaw.com - North Dakota Century Code Title 15. Education § 15-39.1-12. Early reduced retirement benefits - last updated January 01, 2024 | https://codes.findlaw.com/nd/title-15-education/nd-cent-code-sect-15-39-1-12/

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