Section 12.5-02-01-10 - General provisions1. Distribution of plan disclosure statement. The Bank and the manager, on behalf of the Bank, shall take all necessary actions to help ensure that each person who receives a participation agreement and an enrollment form shall also receive the plan disclosure statement that sets forth all material aspects of an investment in the plan. 2.Separate accounting and reporting. Participants will receive reports at least quarterly that show contributions and associated earnings, distributions, and fees charged to the account as well as the total balance in the account. Separate accounting shall be maintained for each account. Participants will have access to account information during normal business hours and such other times as may be determined by the Bank. 3.Fees. The fees set forth below may be assessed. The amount of the fees and the method of calculating the fees will be determined by the Bank from time to time and will be set forth in the plan disclosure statement. Fees will be collected by the manager. Assessed fees shall be deducted from an account, and an appropriate adjustment shall be made to the value of the account. The Bank may decide not to assess any one or more of these fees, may change the amount of these fees and the method of calculating them, and may assess different fees based upon the state of residence of a participant or a designated beneficiary. a. Maintenance. Maintenance fees to recover the cost of administering the account, recordkeeping, investment management, marketing, distribution, and related tasks. b. Termination. If an account is closed, a fee to recover the administrative costs of closing an account may be assessed under terms to be determined by the Bank. N.D. Admin Code 12.5-02-01-10
Effective September 15, 2000; amended effective August 23, 2001; June 1, 2002; July 16, 2008.General Authority: NDCC 6-09-38
Law Implemented: NDCC 6-09-38