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NDPERS UPDATE HRMS Meeting – October 25, 2011

NDPERS UPDATE HRMS Meeting – October 25, 2011. Retirement. Main System. RETIREMENT - MAIN. Public Employees Retirement Plan Chapter 54-52, NDCC Employer Contribution: 4.12% Employee Contribution: 4.00% Total Retirement Contributions: 8.12%

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NDPERS UPDATE HRMS Meeting – October 25, 2011

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  1. NDPERS UPDATEHRMS Meeting – October 25, 2011

  2. Retirement Main System

  3. RETIREMENT - MAIN Public Employees Retirement PlanChapter 54-52, NDCC Employer Contribution: 4.12% Employee Contribution: 4.00% Total Retirement Contributions: 8.12% Vesting in Disability Benefit: 180 days Vesting in Retirement Benefit: 36 months Normal Retirement: Age 65 or Rule of 85

  4. The Challenge Defined Contribution Plan Hybrid Plan/Defined Benefit Plans

  5. NDPERS Retirement Systems Assets(Main, Judges, Guard, and Law Enforcement Systems) Market Value – Year Ended June 30

  6. Where happened? • Financial Market Meltdown -24.5%

  7. North Dakota Public Employees Retirement System

  8. SB 2108

  9. Considered next session

  10. 4% contribution increase - has stopped downward trend and stabilized the plan

  11. Our Challenge • Last Session accomplishments • To reverse the funding trend • To stabilize the funds • Next Session • To improve the funded status

  12. 21% 2011 Investment Return

  13. North Dakota PERS - Main SystemProjected Funded Ratio – Actuarial Value Basis Draft Estimate

  14. Put plan on course to 90-100% funded status • Move forward with additional increases in 2014 &15 • Look at benefit adjustments instead of contribution increase • Combination of above • Defined Contribution Plan members (especially older members) will need more help in order to achieve a reasonable funded status at retirement Future Actions Needed

  15. Defined Contribution Plans 457 plan 401(a) plan RETIREMENT

  16. PERS Companion Plan & DC Plan Provider

  17. DC & companion plan change • What is Changing • Why is it Changing • Next Steps and Important Dates to Remember | 26

  18. What is Changing On November 1, TIAA-CREF will be the new provider and recordkeeper for the • 457(b) Deferred Compensation Companion Plan • 401(a) Defined Contribution Plans | 27

  19. Why it is Changing • Lower administrative fees • Increased number of days of onsite counseling • Greater range of counseling services • Expanded brokerage window By moving to TIAA-CREF, NDPERS provides a better value and depth of retirement services to our plan participants | 28

  20. Next Steps and Important Dates to Remember • On November 1 • Your retirement account with the NDPERS Companion Plan or Defined Contribution Plan will be transferred to TIAA-CREF from Fidelity. • If you requested an asset allocation change between October 1 and October 31, you will see your assets applied to your new account based on the allocation instructions you set. • If you did not make any account changes between October 1 and October 31, your assets will be defaulted into the age-appropriate TIAA-CREF Lifecycle Mutual Fund. | 29

  21. counseling services • INCREASED NUMBER OF DAYS FROM ABOUT 20 TO ABOUT 180 DAYS • More services for our members • PERS would like to make this available to worksites when appropriated • Coordinate with HR contact • Can set individual mtg or group meeting • Can be for both the 401(a) plan and the 457 Plan

  22. HEALTH PLAN DAKOTA PLAN

  23. LEGISLATION Hb 1364

  24. HB 1364

  25. HDHP Differences This will be a Comprehensive Deductible and Coinsurance plan. There are no Copayments under this plan. Deductible will apply first dollar since there is no copay structure on Prescriptions. Because this is a Comprehensive HDHP a Member can exceed the $1500 Individual Deductible/Coinsurance. Restricted and/or Confidential * includes the Basic Plan

  26. Deductible Restricted and/or Confidential

  27. Coinsurance Maximums Restricted and/or Confidential

  28. Total Out-of-Pocket Maximum Restricted and/or Confidential *Includes deductible and coinsurance only

  29. Health Savings Account

  30. What is a Health Savings Account? • A Health Savings Account allows you to set aside funds to pay for qualified medical expenses for you, your dependents or your spouse. • Think of it as a Medical IRA! • Note- dependent status for an H.S.A is different than the health plan.

  31. Qualified Expenses • Medical (including premiums) • Dental • Vision • Chiropractor • Prescriptions • Some Over-the-Counter (OTC)* • Not all eligible expenses go toward your HDHP deductible • Visit www.discoverybenefits.com for more information • Save your receipts May Require a Rx

  32. NDPERS Monthly Employer Contribution Participant E-Contribute Send a check to fund your account at any time 2012 Contribution limits: H.S.A Contributions

  33. Confidential and Proprietary Example One

  34. Confidential and Proprietary Example Two

  35. Confidential and Proprietary Example Three

  36. Confidential and Proprietary Example Four

  37. Confidential and Proprietary Example Five

  38. Legislation SB 2110

  39. SB 2110 50

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