Burgum Signs Pension Reform

(Bismarck, ND) — Governor Burgum on Saturday signed a bill aimed at reforming the pension plan for state employees. The new bill injects 200-million dollars into the state pension fund as the state tries to address a one-point-nine-billion-dollar unfunded liability which affects retirement payments for more than 53-thousand 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.