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Representative Jim Kasper on Pension Reform Bills

Below is a raw transcript of Representative Jim Kasper’s testimony in favor of the reforming and closing out North Dakota’s current Defined Benefit pension. This is a raw computer generated transcript, it has not been edited or corrected.

Speaker 1

And that employees going to work for 40 years and retired age 65. The salary, the beginning salary for that employee is much less than what the ending salary will be 40 years down the road. So at the beginning the contribution is less because it's based on percentage and salary and so on at the end of the day. However, all all those years that that happened For those 40 years you were underfunding the retirement benefit because the formula and then Scott can correct me if I'm wrong.

But I believe the retirement benefit formula says that the benefit that the defined benefit plan will pay out to the employee will be you take three of the last five years, the average of the three of the last five years for salary and that's their benefit. So all …

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Authors
Dustin Gawrylow