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North Dakota Century Code Title 15. Education § 15-39.1-33. Employer service purchases

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

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 tier one member's age plus service credit must be equal to or greater than seventy-seven;

b. The tier one member's age must be at least fifty-five and the member must have at least three years of service credit;

c. The tier two member's age plus service credit must be equal to or greater than eighty-two; or

d. The tier two member's age must be at least fifty-five and the member must have at least five years of service credit.

3. The board must determine the purchase price on an actuarially equivalent basis.

4. The purchase must be completed before the member's retirement.

5. The employer may purchase a maximum of three 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.

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Cite this article: FindLaw.com - North Dakota Century Code Title 15. Education § 15-39.1-33. Employer service purchases - last updated January 01, 2024 | https://codes.findlaw.com/nd/title-15-education/nd-cent-code-sect-15-39-1-33/

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