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Employment law

retirement benefits

Many employers provide employees with various retirement benefits in the form of retirement and investment accounts or plans—including 401k plans, pension plans, and thrift savings plans (for federal employees)—sometimes with employer-matching of employee contributions.

Retirement benefits are generally discretionary and private employers are not obligated to provide them—or any other employee benefits. Most employees are also covered by Social Security—a retirement benefit administered by by the federal government—with eligibility for benefits beginning at age 62.

In North Dakota, as in other states, employers may offer retirement benefits such as 401k plans, pension plans, and thrift savings plans, with some offering employer-matching contributions. These benefits are typically discretionary, meaning that private employers are not required by law to provide them. However, when employers do offer retirement plans, they must comply with federal regulations such as the Employee Retirement Income Security Act (ERISA), which sets minimum standards to ensure that employee benefits are protected and provided fairly. Additionally, most employees in North Dakota, as elsewhere in the United States, contribute to and are covered by Social Security, a federal program that provides retirement benefits. Social Security benefits can be claimed starting at age 62, although full retirement age for full benefits varies depending on the year of birth.

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Employment law

retirement benefits

Individual & Family Legal Plan

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North-Dakota State Code

North-Dakota State Code

Employment law

retirement benefits

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