North Dakota Retirement Benefits Plan

• Category: Corporations - Public - Retirement
• State: Multi-State
• Control #: US-CC-21-166
• Format: Word; Rich Text

Description

21-166 21-166 . . . Retirement Benefits Plan under which trustees and officers with 15 or more years of service receive annual retirement benefit based on percentage of average annual compensation for 36 months of service immediately preceding retirement. The amount of annual benefit ranges from 25% of such average annual compensation for 15 years of service to 75% for 25 or more years of service North Dakota Retirement Benefits Plan is a comprehensive retirement plan established by the state government of North Dakota to provide financial security and retirement benefits to its employees. It offers a range of retirement plans to ensure the well-being of state workers upon their retirement. One type of retirement plan available under the North Dakota Retirement Benefits Plan is the Defined Benefit (DB) plan. This plan guarantees a specific retirement benefit based on the employee's salary, years of service, and other factors. The DB plan provides a predictable source of retirement income, taking into account the employee's contributions and investment earnings made over their career. Another type of retirement plan offered is the Defined Contribution (DC) plan. In this plan, employees contribute a portion of their salary into individual retirement accounts, which are then invested in a range of investment options. The accumulated account balance, along with the investment growth, determines the retirement benefit. The DC plan offers employees more control over their retirement savings and investment choices. Additionally, the North Dakota Retirement Benefits Plan may encompass supplemental retirement plans, such as the Deferred Compensation Plan (401(k) or 457 plans), which allow employees to contribute a portion of their pre-tax income towards retirement. These plans often come with employer matches or contribution limits, providing employees the opportunity to enhance their retirement savings. North Dakota Retirement Benefits Plan also ensures access to retiree healthcare benefits for eligible retirees. These benefits may include medical, dental, and vision coverage, offering retirees comprehensive healthcare options to supplement their retirement income. To enroll in North Dakota Retirement Benefits Plan, employees should meet certain eligibility criteria and complete the necessary paperwork provided by the North Dakota Retirement and Investment Office. The plan is designed to support employees during their working years and provide a secure retirement future. In summary, the North Dakota Retirement Benefits Plan provides state employees with various retirement options, including Defined Benefit, Defined Contribution, and supplemental retirement plans. It aims to secure employees' financial well-being in retirement by offering predictable retirement benefits, individual investment options, and access to healthcare benefits. Eligible employees are encouraged to explore these retirement plans to ensure a comfortable and secure retirement.

North Dakota Retirement Benefits Plan is a comprehensive retirement plan established by the state government of North Dakota to provide financial security and retirement benefits to its employees. It offers a range of retirement plans to ensure the well-being of state workers upon their retirement. One type of retirement plan available under the North Dakota Retirement Benefits Plan is the Defined Benefit (DB) plan. This plan guarantees a specific retirement benefit based on the employee's salary, years of service, and other factors. The DB plan provides a predictable source of retirement income, taking into account the employee's contributions and investment earnings made over their career. Another type of retirement plan offered is the Defined Contribution (DC) plan. In this plan, employees contribute a portion of their salary into individual retirement accounts, which are then invested in a range of investment options. The accumulated account balance, along with the investment growth, determines the retirement benefit. The DC plan offers employees more control over their retirement savings and investment choices. Additionally, the North Dakota Retirement Benefits Plan may encompass supplemental retirement plans, such as the Deferred Compensation Plan (401(k) or 457 plans), which allow employees to contribute a portion of their pre-tax income towards retirement. These plans often come with employer matches or contribution limits, providing employees the opportunity to enhance their retirement savings. North Dakota Retirement Benefits Plan also ensures access to retiree healthcare benefits for eligible retirees. These benefits may include medical, dental, and vision coverage, offering retirees comprehensive healthcare options to supplement their retirement income. To enroll in North Dakota Retirement Benefits Plan, employees should meet certain eligibility criteria and complete the necessary paperwork provided by the North Dakota Retirement and Investment Office. The plan is designed to support employees during their working years and provide a secure retirement future. In summary, the North Dakota Retirement Benefits Plan provides state employees with various retirement options, including Defined Benefit, Defined Contribution, and supplemental retirement plans. It aims to secure employees' financial well-being in retirement by offering predictable retirement benefits, individual investment options, and access to healthcare benefits. Eligible employees are encouraged to explore these retirement plans to ensure a comfortable and secure retirement.