North Dakota § 54-52.2-03 Deferred compensation program - Administration - Contract for services

North Dakota Statutes

§ 54-52.2-03 — Deferred compensation program - Administration - Contract for services

North Dakota § 54-52.2-03

Title 54State Government

Ch. 54-52.2Deferred Compensation Plan for Public Employees

This text of North Dakota § 54-52.2-03 (Deferred compensation program - Administration - Contract for services) is published on Counsel Stack Legal Research, covering North Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.D. Cent. Code § 54-52.2-03 (2026).

Text

The administration of the deferred compensation program for each state agency,
department, board, commission, or institution is under the direction of the public employees
retirement board. Each county, city, or other political subdivision shall designate an officer to
administer the deferred compensation program or appoint the public employees retirement
board to administer the program on its behalf. Payroll reductions must be made in each instance
by the appropriate payroll officer. The public employees retirement board shall administer the
deferred compensation program based on one or more plans in compliance with the appropriate
provisions of the Internal Revenue Code and regulations adopted under those provisions. Not
later than January 1, 1999, all plan assets and income must be held

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The administration of the deferred compensation program for each state agency,
department, board, commission, or institution is under the direction of the public employees
retirement board. Each county, city, or other political subdivision shall designate an officer to
administer the deferred compensation program or appoint the public employees retirement
board to administer the program on its behalf. Payroll reductions must be made in each instance
by the appropriate payroll officer. The public employees retirement board shall administer the
deferred compensation program based on one or more plans in compliance with the appropriate
provisions of the Internal Revenue Code and regulations adopted under those provisions. Not
later than January 1, 1999, all plan assets and income must be held in trust, custodial accounts,
or contracts as described in section 401(f) of the Internal Revenue Code [26 U.S.C. 401(f)] for
the exclusive benefit of participants and their beneficiaries as required by section 457 of the
Internal Revenue Code [26 U.S.C. 457]. Once the trust, custodial account, or contract is
established as required by this section, the board shall act as fiduciary of the plan to the extent
required by section 457 of the Internal Revenue Code [26 U.S.C. 457] and the board is
authorized to do all things necessary for the proper administration of the plan to ensure that the
plan maintains its qualified status.