ND House Endorses State Government Pension IncreasesContributions to the pension fund for North Dakota's state government workers are likely to be going up for each of the next two years.
By: Associated Press,
BISMARCK, N.D. (AP) — Contributions to the pension fund for North Dakota's state government workers are likely to be going up for each of the next two years.
The North Dakota House on Thursday unanimously approved the increases. State employees will be paying an extra 1 percent of their wages into the fund on Jan. 1, and another 1 percent in January 2013.
North Dakota government will match the contributions with 1 percent increases during both years.
The pension fund covers most state workers and some employees of local governments. It has more than 20,000 members.
The fund suffered steep losses more than two years ago. Analysts say it could run out of money in 30 years unless something is done.
Pension fund officials had asked for a bigger increase in contributions.