N.D. Cent. Code § 54-52.6-05

Current through 2023 Legislative Sessions

Section 54-52.6-05 - [Effective on the date which must be before 1/1/2025, identified in a certification by the retirement board, only if the board certifies to the legislative council that the public employees retirement system is prepared to close the main system defined benefit retirement plan on the day before the date identified by the board, and to open the new defined contribution retirement plan on the date identified by the board] Direction of investments

1. Each participating member shall direct the investment of the individual's accumulated employer and employee contributions and earnings to one or more investment choices within available categories of investment provided by the board.

2. The board shall provide an investment menu of investment options. In establishing the investment options, the board shall:

a. Include predetermined investment portfolio options constructed to reflect different risk profiles that automatically reallocate and rebalance contributions as a participating member ages.

b. Allow a participating member to construct an investment portfolio using some or all of the investment options.

3. The board shall provide a diversified menu of mutual funds and in-plan lifetime annuity options, either fixed, variable, or a combination of both. In selecting an annuity provider the board shall comply with section 54-52.6-05.1.

4. This section applies to all defined contribution retirement plans regardless of the effective date of the plan.

N.D.C.C. § 54-52.6-05

Amended by S.L. 2023SP1, ch. 644 (HB 1548),§ 17, eff. on the date which must be before 1/1/2025, identified in a certification by the retirement board, only if the board certifies to the legislative council that the public employees retirement system is prepared to close the main system defined benefit retirement plan on the day before the date identified by the board, and to open the new defined contribution retirement plan on the date identified by the board.

Amended by S.L. 2023, ch. 514 (HB 1040),§ 19, eff. 1/1/2025.

This section is set out more than once due to postponed, multiple, or conflicting amendments.