NDPERS RETIREMENT Directions: To advance to next slide click left mouse button, to view previous slide click the right mouse button.

NDPERS Defined Benefit NDPERS is a defined benefit plan Based on a formula: Final Average Monthly Salary x .02 x Years of Service (final average salary = highest 36 months out of the last 180 months worked) This payment is a life time benefit, with options to include survivors available

NDPERS Defined Contribution Plan An option to change to a defined contribution plan will be sent to you. Defined contribution is based on the amount of money in the account – you do not need to respond if you do want this.

NDPERS Contributions UND contributes 12.26% of gross wages Employee Portion (paid by UND) 4.00% Employee Portion 3.00% Employer Portion (paid by UND) 7.12% Retiree Health Insurance Credit - RHIC (paid by UND) 1.14% UND contributes 12.26% of gross wages Terminating employees receive Employee portion (7%) plus interest if withdrawing lump sum Health Credit: $5.00/year of service 35

NDPERS Retirement Benefit To receive a monthly benefit: If hired on or before 12-31-2015: ─ Must be vested - min. 3 years service ─ At least 55 years old - 0.5 reduction for each month under 65 (6% per year) ─ Full Benefit: Rule of 85 or Age 65 If hired on or after 01-01-2016: ─ Must be 60 years old - 0.667 reduction for each month under 65 (8% per year) ─ Full Benefit: Rule of 90 or Age 65 Transfers statewide 35

NDPERS 457 Deferred Comp Plan Quick Enrollment/Waiver This form is to enroll in or waive the NDPERS 457(b) plan You are restricted to $12.50 per check by signing up for this option There is more flexibility with the amount on other options available listed in the Non-Mandatory section referred to in your Benefit Information email

NDPERS PEP (Portability Enhancement Provision) NDPERS will convert a percentage of contributions you make to a supplemental retirement fund, from the employer portion to the employee portion You do not sign up for PEP, enrollment is automatic when you contribute to any 403(b) or 457(b) plan There is a list of providers in the Non-Mandatory section at the bottom of the Benefits Forms email you received 35

Questions For question regarding NDPERS retirement you can contact Katie at the UND HR/Payroll Office: 701 777-2157 Or Contact NDPERS at: 800 803-7377 nd.gov/ndpers