North Dakota Legislative Management, Bismarck, hired Milliman as consultant to assist in the development of a plan to close the North Dakota Public Employees Retirement System's defined benefit plan, said Chris J. Kadrmas, senior fiscal analyst.
The Legislature's retirement committee issued an RFP in November for a consultant to assist in providing recommendations for a potential bill for the 2023 legislative session that would close the pension plan to new hires on Jan. 1, 2024. Legislative Management, an advisory group to the Legislature that determines feasibility of bills, was given authority to hire the consultant.
Milliman will provide a written report, which will include recommendations based on actuarial calculations and other potential impacts of closing the pension plan, Mr. Kadrmas said.
North Dakota Public Employees Retirement System had $4 billion in assets as of June 30, according to its most recent investment report.
