North Dakota Code 15-39.1-12 – Early reduced retirement benefits
A member who has acquired a vested right to a retirement annuity as set forth in section 15-39.1-11 and who has attained age fifty-five may retire prior to the normal retirement age as set forth in section 15-39.1-10 but the benefits to which the member is then entitled must be reduced according to the following schedule:
Terms Used In North Dakota Code 15-39.1-12
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- following: when used by way of reference to a chapter or other part of a statute means the next preceding or next following chapter or other part. See North Dakota Code 1-01-49
1. All tier one grandfathered member benefits must be reduced by six percent per annum from the earlier of:
a. Age sixty-five; or
b. The age at which the sum of the member’s current years of service credit and years of age equals eighty-five.
2. All tier one nongrandfathered member and tier two member benefits must be reduced by eight percent per annum from the earlier of:
a. Age sixty-five; or b. The later of:
(1) Age sixty; or
(2) The age at which the sum of the member’s current years of service credit and years of age equals ninety.