§ 54-52-04 — Board authority

North Dakota § 54-52-04

• Jurisdiction: North Dakota
• Title 54: State Government
• Ch. 54-52: Public Employees Retirement System

Text

1. The board shall adopt rules necessary to implement this chapter, and to manage the
system, subject to the limitations of this chapter. The board has the powers and
privileges of a corporation, including the right to sue and be sued in its own name as
the board. The venue of all actions in which the board is a party must be Burleigh
County, North Dakota.
2. The board shall appoint an executive director to serve at its discretion. The executive
director shall perform such duties as assigned by the board.
3. The board shall authorize the creation of whatever staff it deems necessary for sound
and economical administration of the system. The executive director shall hire the
staff, subject to the approval of the board.
4. The board shall arrange for actuarial and medical advisers for the system. The board
shall cause a qualified, competent actuary to be retained on a consulting basis. The
actuary shall make an annual valuation of the liabilities and reserves of the system and

a determination of the contributions required by the system to discharge its liabilities
and pay the administrative costs under this chapter, and to recommend to the board
rates of employer and employee contributions required, based upon the entry age
normal cost method, to maintain the system on an actuarial reserve basis; once every
five years make a general investigation of the actuarial experience under the system
including mortality, retirement, employment turnover, and other items required by the
board, and recommend actuarial tables for use in valuations and in calculating
actuarial equivalent values based on such investigation; and perform other duties as
may be assigned by the board.
5. The state shall provide the board with the retirement systems office or offices to be
used for the meetings of the board and for the general purposes of the administrative
personnel.
6. The funds necessary for paying prior service and service benefits, consultant fees, and
making withdrawal payments and refunds are hereby appropriated from the retirement
fund for those purposes. The amount necessary to pay the consulting fees and
insurance benefits related to the uniform group insurance program is hereby
appropriated from the insurance premiums received by the board.
7. The board shall administer chapters 39-03.1, 54-52.1, and 54-52.2, and may
administer other optional employee benefit programs, including a flexible benefits plan,
an optional employee short-term disability plan, a long-term care plan, or other
optional employee benefit programs as the board deems appropriate. The board shall
also administer the retirement plan established in 1961 and frozen to new entrants in
1980 for employees of job service North Dakota under chapter 52-11.
8. The board shall annually report the investment performance of the fund and distribute
a copy to each participant.
9. The board may distribute the employer contribution and applicable interest for any
employee of any development foundation associated with a public institution of higher
education in this state who may previously have been included in the public
employees retirement system while employed by such foundation. Such employee is
entitled to have that employee's contribution and the contribution of the development
foundation, with interest.
10. The board may audit any books, papers, accounts, bills, vouchers, and other
documents or property of any and all departments, boards, commissions, political
subdivisions, financial institutions, contractors, health care organizations, and
consultants relating to their participation in services provided to programs administered
by the board.
11. The board shall fund the administrative expenses of chapter 54-52.2 from funds
collected under chapters 54-52, 54-52.1, and 54-52.3 and from fines and fees
collected from deferred compensation services providers, including any fees paid for
by participant funds, subject to appropriation by the legislative assembly.
12. Except as provided by section 54-52-17.7, the board may adjust service and make any
correction of member, retiree, or beneficiary records and benefits after an error or
inequity has been determined.
13. The board may use any amount credited to the separate uniform group insurance
program fund created by section 54-52.1-06 in excess of the costs of administration of
the uniform group insurance program to reduce the amount of premium amounts paid
monthly by enrolled members of the uniform group insurance program, to reduce any
increase in premium amounts paid monthly by enrolled members, or to provide
increased insurance coverage to the members, as the board may determine.
14. The board may create and implement an Internal Revenue Code section 115 trust
health care savings plan for all supreme and district court judges participating in the
public employees retirement system if seventy-five percent of the total active
participating supreme and district court judges vote to approve the program. If
approved, the contribution level specified in the vote applies to all current and future
participating supreme and district court judges and must be paid pursuant to the plan
document developed by the board. The contribution level may only be changed by a

vote of seventy-five percent of the total active participating supreme and district court
judges at that time.
15. The board shall establish policies and implement procedures to make and collect
payments in the most cost-effective manner, including the use of electronic transfer of
funds.