401(a) Defined Contribution Plan

PLAN INFORMATION
North Dakota Public Employees Retirement System offers this plan as part of workplace benefits. Now is a great time to understand what is offered - think about taking advantage of any opportunities to save and invest for the future. 
Learn what plans allow eligible employees to do.
Mandatory Employee Contributions

Each participant shall contribute seven percent (7%) of his or her compensation to the Plan. These are called "Mandatory Employee Contributions." Presently four percent (4%) of your employee contribution is contributed by your employer under 414(h) of the Internal Revenue Code and is paid in equal monthly installments commencing with the first month of participation in this Plan. Of 7%, 3% will be deducted from your paycheck on a pre-tax basis.

Contribution rates for this plan are set in statute and pursuant to HB1452, when the Defined Benefit Hybrid Plan becomes 100% funded, all contribution rates will return to the rates that were in effect on 7/31/2013.

Mandatory Employer Contributions
Your employer shall contribute seven and twelve hundredths percent (7.12%) of compensation to the Plan each month.  Effective January 1, 2014, the mandatory employer contribution will increase by 1% to 7.12% of your salary. The additional 1% will be contributed on a pre-tax basis. Contribution rates for this plan are set in statute or by the NDPERS Board and pursuant to HB1452, when the Defined Benefit Hybrid Plan becomes 100% funded, all contribution rates will return to the rates that were in effect on 7/31/2013.
To obtain vesting information regarding this plan, contact TIAA at 800-842-2252.
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