{"id":1294,"date":"2025-01-30T09:10:13","date_gmt":"2025-01-30T15:10:13","guid":{"rendered":"https:\/\/blogs.und.edu\/hr\/?p=1294"},"modified":"2025-01-30T13:59:46","modified_gmt":"2025-01-30T19:59:46","slug":"understanding-the-new-ndpers-retirement-plan","status":"publish","type":"post","link":"https:\/\/blogs.und.edu\/hr\/2025\/01\/understanding-the-new-ndpers-retirement-plan\/","title":{"rendered":"Understanding the new NDPERS Retirement Plan"},"content":{"rendered":"

\"\"<\/a><\/h2>\n

There are some changes to the NDPERS plan.<\/h2>\n

Plan changes will impact the options for those hired on or after 1\/1\/2025.This plan is now a defined contribution plan instead of a defined benefit plan.<\/p>\n

NDPERS Defined Contribution 2025 Plan<\/h3>\n

Employees on NDPERS hired on or after 1\/1\/2025 are in the new DC Plan.<\/h4>\n

A defined contribution (DC) retirement plan where an employee and\/or employer contribute to an employee\u2019s individual account. The amount of retirement benefit at retirement is determined by the amount of money in the fund and age.<\/p>\n

The university will automatically contribute 9.26 % of the employee\u2019s eligible salary to the DC 2025 plan. There is an opportunity to receive matching funds of up to 3% of salary, if the employee elects to make an additional contribution.<\/p>\n

New hires have 30 days from their start date to elect to make additional contributions to their DC plan.<\/h4>\n
\n\n\n\n\n\n\n
\n
Employee<\/h5>\n<\/td>\n
\n
+ Employer<\/h5>\n<\/td>\n
\n
+ Employer Match<\/h5>\n<\/td>\n
\n
=\u00a0 Total Contributions<\/h5>\n<\/td>\n<\/tr>\n
0%<\/td>\n9.26%<\/td>\n0%<\/td>\n\u00a09.26%<\/strong><\/td>\n<\/tr>\n
1.0%<\/td>\n9.26%<\/td>\n1.0%<\/td>\n11.26%<\/strong><\/td>\n<\/tr>\n
2.0%<\/td>\n9.26%<\/td>\n2.0%<\/td>\n13.26%<\/strong><\/td>\n<\/tr>\n
3.0%<\/td>\n9.26%<\/td>\n3.0%<\/td>\n15.26%<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

 <\/p>\n

It is a lifetime, irrevocable election to elect additional contributions.<\/h5>\n

This election must be made within the first 30 days of employment.<\/strong><\/span> If a new employee does not elect to have an additional amount deducted from their check within 30 days of hire for their NDPERS DC 2025 Retirement Plan, they will not be able to change it at any time. However, if they choose to contribute to a 457(b) Deferred Compensation plan through NDPERS, UND is obligated to match up to 3% of their salary.<\/p>\n

At any time, employees in the new DC 2025 plan can choose to elect to contribute to the supplemental NDPERS deferred compensation plan. If the employee did not elect to contribute 3% to their DC 2025 plan, they can do so via the NDPERS deferred compensation plan, allowing for UND to match their contributions to the NDPERS deferred compensation plan, up to 3%. Amounts contributed above the 3% employer contribution will not be matched.<\/p>\n

Example<\/h4>\n

If an employee choses to have 1% of their salary as an employee deduction on the DC 2025 Plan, UND would match 1% into the main plan. The employee has the option to at any time to elect an employer match of 2% to the NDPERS deferred compensation plan as well.<\/p>\n

How to estimate UND’s contributions for the new retirement plan for budget requests:<\/h4>\n

The UND contributions will not exceed the 12.26% total between the plans. For budgeting purposes, it is a good idea to use 12.26%, since the deferred comp match could be applied at any time, even if they don\u2019t choose the match at time of hire.<\/p>\n

How will the new plan impact re-hires?<\/h4>\n

An employee who previously participated in an NDPERS plan and is rehired will participate in the plan they had previously as long as they did not withdraw the funds from their account.<\/p>\n

NDPERS Defined Benefit Plan<\/h3>\n

Most employees hired by 12\/31\/2024 are in the DB Plan.<\/h4>\n

A defined benefit (DB) retirement plan where a formula is used to determine a specific monthly payment at retirement.<\/p>\n

Example<\/h4>\n

The NDPERS DB plan formula uses an employee’s final average salary, a multiplier, and years of service.<\/p>\n

\n\n\n\n\n\n
<\/td>\nFinal average salary<\/td>\n<\/tr>\n
x<\/td>\nMultiplier<\/td>\n<\/tr>\n
x<\/td>\nYears of Service<\/td>\n<\/tr>\n
=<\/strong><\/td>\nMonthly Benefit<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

Contributions for the NDPERS DB plan are as follows.<\/p>\n

\n\n\n\n
\n
Employee<\/h5>\n<\/td>\n
\n
+ Employer<\/h5>\n<\/td>\n
\n
=\u00a0 Total Contributions<\/h5>\n<\/td>\n<\/tr>\n
3%<\/td>\n13.26%<\/td>\n\u00a016.26%<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

 <\/p>\n

Questions?<\/h3>\n

Contact Katie Douthit<\/a>, Benefits Coordinator at\u00a0katie.douthit@und.edu<\/a>.<\/p>\n

Learn more about UND’s retirement plans<\/a> at UND.edu\/hr<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

There are some changes to the NDPERS plan. Plan changes will impact the options for those hired on or after 1\/1\/2025.This plan is now a defined contribution plan instead of a defined benefit plan. NDPERS Defined Contribution 2025 Plan Employees on NDPERS hired on or after 1\/1\/2025 are in the new DC Plan. A defined […]<\/p>\n","protected":false},"author":123,"featured_media":1327,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[265,250,263],"tags":[253,266],"class_list":["post-1294","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-employees","category-supervisors","category-total-rewards","tag-retirement","tag-total-rewards"],"acf":[],"yoast_head":"\nUnderstanding the new NDPERS Retirement Plan - While You Were Working<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Understanding the new NDPERS Retirement Plan - While You Were Working\" \/>\n<meta property=\"og:description\" content=\"There are some changes to the NDPERS plan. Plan changes will impact the options for those hired on or after 1\/1\/2025.This plan is now a defined contribution plan instead of a defined benefit plan. NDPERS Defined Contribution 2025 Plan Employees on NDPERS hired on or after 1\/1\/2025 are in the new DC Plan. 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