North Dakota Legislative Administration, Bismarck, employed Milliman as guide to help within the growth of a plan to shut the North Dakota Public Workers Retirement System’s outlined profit plan, mentioned Chris J. Kadrmas, senior fiscal analyst.
The Legislature’s retirement committee issued an RFP in November for a guide to help in offering suggestions for a possible invoice for the 2023 legislative session that might shut the pension plan to new hires on Jan. 1, 2024. Legislative Administration, an advisory group to the Legislature that determines feasibility of payments, was given authority to rent the guide.
Milliman will present a written report, which can embody suggestions based mostly on actuarial calculations and different potential impacts of closing the pension plan, Mr. Kadrmas mentioned.
North Dakota Public Workers Retirement System had $4 billion in belongings as of June 30, in response to its most up-to-date funding report.