(Bismarck, ND) — North Dakota is reforming the pension plan for state employees.
North Dakota Governor Doug Burgum signed the bill into law, which injects $200 million dollars in to the state pension fund as the state tries to address a $1.9 billion dollar unfunded liability which affects retirement payments for more than 53,000 employees and retirees from state and local governments.
Additionally, new hires will be offered a defined contribution plan, similar to 401-k plans found in the private sector.
