Section 54-52.2-09 - [Effective until the date which must be before 1/1/2025, identified in a certification by the retirement board, only if the board certifies to the legislative council that the public employees retirement system is prepared to close the main system defined benefit retirement plan on the day before the date identified by the board, and to open the new defined contribution retirement plan on the date identified by the board] Employer match for members of defined contribution retirement planAn employee who first participated in the defined contribution retirement plan under chapter 54-52.6 after December 31, 2023, who elects to contribute less than the optional three percent of wages or salary under subdivision b of subsection 1 of section 54-52.6-09, who participates in the deferred compensation program under this chapter, qualifies for employer matching of contributions made under this section. The employee may elect to contribute an amount of wages or salary which does not exceed any remaining balance of the optional three percent contribution and the employer shall match this contribution. This section does not limit the ability of an employee to contribute unmatched wages or salary under this chapter, subject to federal contribution limitations.
Amended by S.L. 2023SP1, ch. 644 (HB 1548),§ 11, eff. on the date which must be before 1/1/2025, identified in a certification by the retirement board, only if the board certifies to the legislative council that the public employees retirement system is prepared to close the main system defined benefit retirement plan on the day before the date identified by the board, and to open the new defined contribution retirement plan on the date identified by the board.Amended by S.L. 2023, ch. 47 (SB 2015),§ 44, eff. 1/1/2024, if before that date the Retirement Board certifies to the Legislative Council that the Public Employees Retirement System is prepared to close the main system defined benefit retirement plan on 12/31/2023, and to open the new defined contribution plan on 1/1/2024, or becomes effective on 1/1/2025, if this contingency is not satisfied.Added by S.L. 2023, ch. 514 (HB 1040),§ 13, eff. 1/1/2025.