NDPERS retirement - State of North Dakota

North Dakota Public Employees Retirement System GROUP RETIREMENT PLAN NORTH DAKOTA PUBLIC EMPLOYEES RETIREMENT SYSTEM EFFECTIVE AUGUST 1, 2011 TO JULY 31, 2013 TABLE OF CONTENTS Introduction 2 Confidentiality Law 3 Contacting NDPERS 4 On-Line Services 5 Governing Authority 6 Your Retirement Plan 7 Eligibility 7 Contributions 9 Vested Employer Contribution (PEP) 10 Service Credit 11 Purchase of Service Credit 11 Vesting 17 Dual Membership 17 Benefits Available at Termination 18 Disability Benefits Available 21 Benefits Available at Retirement 24 Benefits & Return to Work 36 Retiree Health Insurance Credit Program 39 Death Benefits 42 Designation of Beneficiary 43 Benefits Counseling 44 Pre-Retirement Education Program (PREP) 44 Qualified Domestic Relations Orders 44 Durable Power of Attorney 45 Index of Forms

46 Refund/Rollover Checklist 47 Deferred Retirement Checklist 48 Retirement Checklist 49 Record of Important Documents 50 INTRODUCTION This retirement plan became effective July 1, 1966 following the passage of SB164 by the North Dakota Legislature in 1965. The plan was designed to provide retirement benefits in recognition of your service as a public employee. Your retirement program provides you with benefits at retirement or upon disability or death. Because these benefits represent an important source of security to you and your family, please read this publication carefully to ensure you understand your rights and responsibilities in becoming eligible for benefits. This publication is intended to provide general information and may not be considered to be a legal interpretation of retirement law. Statements contained in this handbook do not supersede the North Dakota Century Code or Administrative Code or restrict the authority granted to the Retirement Board. Material in this publication is current as of the 2011 session of the North Dakota legislature. This information is subject both to changes made by the legislature and rules and regulations established by the Board of the North Dakota Public Employees Retirement System (NDPERS). The benefits described in this publication pertain to NDPERS Defined Benefit plan- Mainsystem only. Retirement Plan eligibility requirements and benefits for the National Guard, Security Police and Firefighters, the Law Enforcement, the justices of the Supreme Court or judges of the District Courts, the Highway Patrol, and the NDPERS Defined Contribution plan are addressed in separate publications. In compliance with the Americans with Disabilities Act, this document can be provided in alternate formats. To request an alternative format, please call the NDPERS ADA coordinator at (701)328-3918 or call toll-free at 1-800-803-7377 if you are outside the Bismarck local calling area. All questions, comments and correspondence can be directed to the following address: North Dakota Public Employees Retirement System 400 East Broadway Ave, Suite 505 P.O. Box 1657 Bismarck, North Dakota 58502-1657 (701) 328-3900—Telephone (701) 328-3920 — Fax Number 1-800-803-7377 — Toll-Free Outside the Bismarck Calling Area Revision Date 02-2012 Page 2 CONFIDENTIALITY LAW All records of a member or beneficiary are confidential and not public records. Information and records may be disclosed under limited circumstances: A person to whom a member/beneficiary has given written consent. A person legally representing the member/beneficiary upon proper proof of representation, unless member/beneficiary withholds consent. A person authorized by court order. A member’s spouse or...

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Withdrawal of Retirement Contributions - Department of Retirement

DRS Withdrawal of Retirement Contributions As a member of one of the following Washington State retirement systems, you are entitled to withdraw or transfer your employee contributions plus interest if you leave employment. These systems are characterized by the Internal Revenue Service (IRS) as 401(a) defined benefit plans: • Public Employees’ Retirement System (PERS) Plan 1 and 2 • Teachers’ Retirement System (TRS) Plan 1 and 2 • School Employees’ Retirement System (SERS) Plan 2 • Law Enforcement Officers’ and Fire Fighters’ Retirement System (LEOFF) Plan 1 and 2 • Public Safety Employees’ Retirement System (PSERS) Plan 2 • Washington State Patrol Retirement System (WSPRS) Plan 1 and 2 This publication is not intended for PERS Plan 3, TRS Plan

3 or SERS Plan 3 members. For information about withdrawing contributions from these plans, you may call ICMA-RC at 888-711-8773 and request a copy of the Plan 3 Request for Payment of Defined Contribution Funds packet. You may also get a copy on the ICMA-RC website at www.icmarc.org/plan3. When can I withdraw or roll over my Systems (DRS) will continue to pay interest until you contributions? either withdraw the funds or retire from the system. Regardless of a member’s employment status, DRS You can withdraw or roll over your employee pays 5.5 percent annual interest (this is the current contributions plus interest only if you are separated rate as of the printing of this packet) compounded from system-covered employment. quarterly on employee contributions that remain in the You can withdraw only the employee contributions plus retirement fund. There is no guarantee that this rate will interest. Employer and state contributions remain in not change. If you return to a job covered by a DRS- the trust fund and are not refundable to the member. If administered system and you left your contributions you choose to withdraw or roll over your employee intact, your previous service credit will be combined contributions plus interest, you cancel all rights with your new service credit to qualify for retirement. in your system and lose the service credit you have Option 2: Withdraw your money earned toward a retirement benefit. You are entitled to withdraw your employee If I leave my job, what can I do with my contributions plus interest any time you leave contributions? employment covered by the DRS- administered systems. If you Option 1: Leave your contributions in the plan withdraw your money, IRS rules You are not required to withdraw your contributions require a withholding tax of 20 when you leave. The Department of Retirement percent of all tax-deferred funds. WASHINGTON STATE DEPARTMENT OF RETIREMENT SYSTEMS DRS If you are under age 59½, the IRS may levy an LEOFF Plan 1 additional 10 percent tax for early withdrawal on the There are no requirements to repay a withdrawal if you tax-deferred portion of the withdrawal. A withdrawal is become re-employed. treated like earnings for the year in which you receive payment. DRS will mail you a Form 1099-R for your WSPRS Plan 1 and 2 tax filing purposes. See pages 3-6 for more information You may not withdraw while on disability...

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Cash Balance Plan Overview

Cash Balance Plan Overview A Cash Balance Plan is a type of qualified retirement plan that is a “hybrid” between a traditional Defined Contribution Plan and a traditional Defined Benefit Plan. Like traditional retirement plans, Cash Balance Plans qualify for tax deferral and creditor protection under the federal pension law known as ERISA. Cash Balance Plans are particularly effective for small business owners who are looking for larger tax deductions and/or accelerated retirement savings. Employers can combine Cash Balance Plans with 401(k) Profit Sharing Plans to maximize tax-deductible contributions. In a Cash Balance Plan, each participant has a theoretical account that resembles those in a 401(k) or profit sharing plan, but is not actually maintained in individual accounts. The plan

maintains one commingled trust account for all plan participants and hypothetical individual accounts are maintained by the plan’s actuary/third party administrator, who generates annual participant statements. Each participant’s account grows annually in two ways: i) A benefit credit. The benefit credit is a percentage of pay or flat dollar amount that is specified in the plan document. The credit is often class-based (e.g., higher dollar or percentage amount to owners/partners or other targeted groups; lower dollar or percentage amounts to staff). ii) An interest credit. The interest credit is a guaranteed rate of return specified in the plan document, and is typically tied to federal long-term rates or set at a fixed 5%. The interest credit is not dependent on the plan’s actual investment performance, but the plan’s investment portfolio should be structured to attempt to perform in-line with the anticipated crediting rate. When participants terminate employment, they are eligible to receive the vested portion of their theoretical account balance. Cash Balance Plan Benefits What types of companies or business owners benefit from a Cash Balance Plan?  Business owners or partners who want to contribute & deduct more than $51,000 per year in retirement savings. Many highly-compensated individuals are finding that contributions made to their 401(k) and profit sharing accounts have reached the maximum allowable amounts (currently $51,000, or $56,500 if age 50 or older). Maximum annual contributions to a Cash Balance Plan are significantly greater than what is allowable through a Defined Contribution Plan. With a Cash Balance Plan, tax deductible contributions of an additional $50,000 - $250,000 per year may be obtained depending on the age and income levels of plan participants.  Business owners or partners who want to “catch-up” on retirement savings. Cash Balance Plans provide a means to catch-up on retirement savings, particularly for individuals over age 40. Maximum annual contributions to a Cash Balance plan are age-dependent, so the older the participant, the faster they can accelerate their savings. This is because older participants have fewer years to save toward the approximate $2.4 million lump-sum that may be allowed to accumulate in a Cash Balance Plan.  Companies already contributing 3% or more to employees, or companies willing to do so. While Cash Balance Plans are often established for the benefit of owners or key executives, broad-based employees will also benefit. A minimum contribution of 7.5% of pay is typically provided for staff...

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Getting Ready to Retire Guide - Virginia Retirement System

Getting Ready to Retire Guide for Members in Plan 1 and Plan 2 Providing information to help you prepare for service retirement 1 WWW.VARETIRE.ORG • 1-888-VARETIR (1-888-827-3847) Getting Ready to Retire Service Retirement Guide for members in Plan 1 and Plan 2 of the Virginia Retirement System, the State Police Officers' Retirement System and the Virginia Law Officers' Retirement System. The Disability Retirement Handbook for Members is available for members retiring on disability. Contact VRS VRS Website: www.varetire.org Toll-Free Telephone Number: 1-888-VARETIR (1-888-827-3847) TDD: 804-289-5919 Email: vrs@varetire.org Important email notice: Do not send personal or confidential information, such as your Social Security number, by email. VRS will send only non-confidential replies. Mailing Address: Virginia Retirement System P.O. Box 2500 Richmond,

VA 23218-2500 Note: The information contained in this document is governed by Title 51.1 of the Code of Virginia. This information is intended to be general. It cannot be complete in all details and cannot supersede or restrict the authority of the Code of Virginia , which may be amended from time to time. 2 WWW.VARETIRE.ORG • 1-888-VARETIR (1-888-827-3847) Table of Contents Page 1. Your Retirement Member Resources About Plan 1 and Plan 2 2 VRS website at www.varetire.org: Benefit Payout Options 2 Retirement Plan Provisions at a Glance 4 • Secure online access to my VRS, providing up-to-date 2. Enhancing Your Retirement information from your member record and tools to help you Commonwealth of Virginia 457 Deferred Compensation Plan 10 plan for retirement Purchasing Prior Service 11 • Benefit information, forms and 3. Other Benefits publications, including the VRS Group Life Insurance Program 13 Handbook for Members Disability Programs 13 • Free member education about Long-Term Care Programs 14 your benefits, Money Matters and retirement planning, as 4. Preparing and Applying for Retirement well as the Commonwealth's Retirement Readiness Resources 15 457 Deferred Compensation Applying for Retirement 15 Plan if your employer offers Deferring Retirement 17 the plan Retirement Readiness Checklist 18 One-on-One Counseling: Talk with a counselor about your 5. After You Retire retirement options, applying for Direct Deposit 19 retirement and retiree benefits. Taxes 19 Walk-in counseling is available Cost-of-Living Adjustment (COLA) 20 on a first-come first-served basis. Social Security 22 Limited scheduled appointments If You Divorce 22 also are available; call VRS toll free Group Life Insurance 22 at 1-888-VARETIR (1-888-827-3847) Retiree Health Insurance (State Employees) 23 for more information. Counseling Health Insurance Credit 24 hours are 8:30 a.m.- 4 p.m., Monday Working After Retirement 25 through Friday. See www.varetire. Long-Term Care Coverage 25 org for directions to VRS. my VRS: At Your Service When You Retire 26 See also Key Contacts on the inside back cover. 3 WWW.VARETIRE.ORG • 1-888-VARETIR (1-888-827-3847) 1. About Your Retirement Plan 1 and Plan 2 The Virginia Retirement System (VRS) administers the defined benefit Plan 1 and Plan 2 through VRS, the State Police Officers' Retirement About This Guide - The System (SPORS), the Virginia Law Officers' Retirement System (VaLORS) Getting Ready to Retire Guide and the Judicial Retirement System (JRS). The defined benefit plan provides provides an overview of your a monthly benefit in retirement based on your age,...

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Applying for Death Benefits Under the Federal Employees

Applying for Death Benefits Under the Federal Employees Retirement System This pamphlet is for use by persons applying for benefits which may be payable under the Federal Employees Retirement System (FERS) because of the death of an employee, former employee, or retiree who was covered by FERS at the time of his/her death or separation from Federal service. Color profile: Generic CMYK printer profile Composite Default screen We provide retirement information on the Internet. You will find retirement brochures, forms, and other information at: www.opm.gov/retirement-services/ You may also communicate with us using email at: retire@opm.gov H:CorelVenturaSF3114(07-11).vp Tuesday, November 15, 2011 2:37:56 PM Color profile: Generic CMYK printer profile Composite Default screen Table of Contents Page Eligibility for Death Benefits Under

the Federal Employees Retirement System (FERS) .................................................1 Benefits Payable Upon the Death of a Federal Employee......................................2 Benefits Payable Upon the Death of a Former Employee (Not Yet Retired).........5 Benefits Payable Upon the Death of a Retiree .......................................................8 Applying for Death Benefits .............................10 i H:CorelVenturaSF3114(07-11).vp Tuesday, November 15, 2011 2:37:58 PM Color profile: Generic CMYK printer profile Composite Default screen Eligibility for Death Benefits Under the Federal Employees Retirement System (FERS) Type of Death Benefits Payable: The type of benefit(s) payable under FERS depends in part on whether the deceased was an employee, a former employee, or a retiree at the time of death. In addition, the amount of creditable Federal service (both civilian and military) and the relationship of the applicant to the deceased determine the type of benefit payable. Definitions: Employee Anyone who was still on the agency’s employment rolls at the time of death, even if he or she had applied for disability retirement and his/her pay had already stopped. Former Employee Anyone who was no longer on an agency’s employment rolls at the time of death and had not yet qualified for retirement benefits. Retiree Anyone who had been separated from an agency’s employment rolls and had met all the requirements for retirement (including having filed an application for retirement benefits). An individual who was eligible for an immediate retirement when he/she separated from Federal service, but postponed applying for benefits to avoid an age reduction, is “deemed” to have applied for retirement beginning the first of the month after death. Benefits due, in this instance, are those based on the death of a retiree. 1 H:CorelVenturaSF3114(07-11).vp Tuesday, November 15, 2011 2:38:02 PM Color profile: Generic CMYK printer profile Composite Default screen Benefits Payable Upon the Death of a Federal Employee Basic Employee Death Benefit (BEDB): To a Spouse ­ If the employee who dies had at least 18 months of creditable civilian service and is survived by a spouse who: • was married to the deceased for an aggregate of at least nine months (the nine month requirement does not apply if the death was accidental); or • was the parent of a child born of the marriage (including one born posthumously [a child born after the Federal employee/retiree has died], or out of wedlock if the parties later married); the spouse may be eligible for a BEDB, which is equal to 50% of the employee’s...

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Choosing Your Retirement Plan ORPHE - Virginia Retirement System

Virginia Retirement System Optional Retirement Plan for Higher Education Plan 2 Employees Hired or Rehired After June 30, 2010 Choosing Your Retirement Plan Virginia Retirement System Choosing Your Retirement Plan Guidelines and Provider Information Optional Retirement Plan for Higher Education Plan 2 This publication is for employees of colleges and universities hired or rehired after June 30, 2010 and who are eligible to choose between the Virginia Retirement System defined benefit retirement plan and the Optional Retirement Plan for Higher Education, a defined contribution retirement plan. July 2012 Virginia Retirement System - ORPHE Comparison Guide Plan 2 rev 07-30-2012 Page 2 of 26 Introduction The benefits described in this publication apply to employees hired or rehired after June 30, 2010.

A rehired employee is one who is returning to employment in an eligible position and who has no VRS defined benefit plan service credit and no account balance in an Optional Retirement Plan administered or authorized by VRS from a period of employment prior to July 1, 2010. As a new Virginia college or university faculty member, engaged in teaching, administration or research, you are allowed to select your retirement plan. (You also have this choice if you have changed from a classified to a faculty position.) You must choose a retirement plan within 60 days of your employment date. Your choices are the Virginia Retirement System (VRS) Plan 2, a defined benefit plan, and the Optional Retirement Plan (ORP) Plan 2, a defined contribution plan. If you do not elect the ORP within 60 days of employment, you will be covered by the VRS defined benefit plan. Remember: You have 60 days from the date you are employed, reemployed, or you transfer for the first time into a position eligible for the ORP to make your choice and to complete the required forms. If you do not elect the ORP, you will be automatically enrolled in the VRS defined benefit. If you transfer from a faculty position at one public institution in Virginia to another with no bona fide break in service, you must continue in the Plan you originally chose. If you transfer from a faculty position at one public institution in Virginia to another with a break in service you must again choose the Optional Retirement Plan or be automatically covered by VRS. A bona fide break in service is defined as at least one full calendar month from the end of the month in which you were last covered for active employee benefits. The break must occur over a period you normally would be at work. Summer breaks, intersession periods, educational leave, sabbaticals and other leave without pay do not constitute breaks in service. NOTE: If you are moving from one covered position to another and have not had a break in service, you may not request a refund or distribution from the plan by which you were originally covered. However, if you were covered by VRS and elect the ORP in your new position, you may transfer your VRS Member Contribution Account to you ORP account. The rules described here related to transfers and withdrawals...

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Investment Strategies for Cash Balance Plans

Author R. Evan Inglis, chief actuary Jeffrey Sparling, senior investment consultant Connect with Vanguard > vanguard.com > global.vanguard.com (non-U.S. investors) Executive summary. Cash balance plans are relatively common these days and may become even more so following the publication last Fall of IRS final regulations for hybrid plans (see Vanguard’s Regulatory Brief: Final and proposed regulations affecting cash balance plans). Plan sponsors often look to the cash balance design when the cost— and cost uncertainty—of their traditional pension plan has become unsustainable. Compared with the liability associated with a traditional plan, the liability of a cash balance liability is more stable. Sounds like a good thing, right? Well, not necessarily. The liability for a traditional defined benefit plan is easily

matched by bond investments, making risk-reduction cheap and easy. This isn’t the case for most cash balance plans. Vanguard commentary February 2011 Investment strategies for cash balance plans— more risk than you thought 2 The cash balance plan Cash balance plans are one of several types of “hybrid” pension plans that have characteristics of both defined benefit (DB) and defined contribution (DC) plans. They are DB plans because they provide a guaranteed level of benefit, with little or no invest- ment risk for the participant. The benefit payable to a participant is expressed as a lump sum amount— that is, the “cash balance” in an account. This differs from a traditional pension plan which expresses its benefit as an annuity payable for the lifetime of the participant. See Figure 1 for a typical cash balance plan account over the course of a plan year. The employer sponsor usually doesn’t contribute the pay credit amount for every employee to the pension trust because the pension assets are normally assumed to earn more than the interest credit rate. Thus, total contributions are expected to be less than total pay credits. This concept that actual contributions can be less than the credits to participants’ accounts is the reason for some of the original attraction of the cash balance concept. Most cash balance plans credit a market rate of interest which is changed each year. The 30-year Treasury rate is the most common interest rate. It is also the one used for calculating lump sum values in pension plans prior to the Pension Protection Act of 2006, making it convenient for both purposes. Some plans use a 10-year or a 1-year Treasury rate, while others use a fixed rate (one that doesn’t change each year), usually in the 3% to 5% range. The “typical” cash balance plan liability can’t be matched There’s a lot of variety among cash balance plans, which makes things complicated. For starters, let’s consider a plain-vanilla cash balance plan. The entire plan is a cash balance structure—no grandfathered benefits and no retirees. The interest rate credited to the accounts is a long Treasury rate which is changed annually to match the market rate for Treasuries just before the plan year begins. This typical cash balance structure offers virtually no possibility for matching the liability with assets, as illustrated in Figure 2. The cash balance account earns 5% interest based on...

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