N.D. Cent. 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:

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.