The North Dakota state pension fund is 65 percent funded, with 2.5 billion dollars in unfunded liabilities.
There are 21,091 active members of the North Dakota PERS system, with 36, 573 total members.
The ND public employee pension requires a six-percent employee contribution rate and there is no mandatory retirement age. There is however a deduction for every year under 65 years of age, which is 6% for each year under that age cap.
The Urban Institute gave the NDPERS pension fund an overall grade of “C”, with failing marks in the plans perks for those employees who would prefer to work in their old age. There was also a “D” grade handed down for the funding ratio of the plan and the rewards given to young workers.
Retirees with 40 years of service receive social security as well as pension benefits that equate to 112.67 percent of their earnings at age 64.