§ 54-52.6-13 — Distributions

North Dakota § 54-52.6-13

• Jurisdiction: North Dakota
• Title 54: State Government
• Ch. 54-52.6: Defined Contribution Retirement Plan

Text

1. A participating member is eligible to receive distribution of that individual's
accumulated balance in the plan upon becoming a former participating member.
2. Upon the death of a participating member or former participating member, the board
shall pay the accumulated account balance of that deceased participant to the
deceased participant's refund beneficiary, if any, as provided in this subsection. If the
deceased participant designated an alternate refund beneficiary with the surviving
spouse's written consent, the board shall distribute the accumulated balance to the
named beneficiary. If the deceased participant named more than one primary
beneficiary with the surviving spouse's written consent, the board shall pay the
accumulated account balance to the named primary beneficiaries in the percentages
designated by the deceased participant or, if the deceased participant had not
designated a percentage for the beneficiaries, in equal percentages. If one or more of
the primary beneficiaries has predeceased the deceased participant, the board shall
pay the predeceased beneficiary's share to the remaining primary beneficiaries. If any
beneficiary survives the deceased participant, yet dies before distribution of the
beneficiary's share, the beneficiary must be treated as if the beneficiary predeceased
the deceased participant. If there is no remaining primary beneficiary, the board shall
pay the accumulated account balance of that deceased participant to the contingent
beneficiaries in the same manner. If there is no remaining designated beneficiary, the
board shall pay the accumulated account balance of that deceased participant to the
deceased participant's estate. If the deceased participant had not designated an
alternate refund beneficiary or the surviving spouse is the refund beneficiary, the
surviving spouse of the deceased participant may select a form of payment as
provided in subdivision d of subsection 3.
3. a. A former participating member may elect one or a combination of several of the
following methods of distribution of the accumulated balance:
(1) A lump sum distribution to the recipient.
(2) A lump sum direct rollover to another qualified plan, to the extent allowed by
federal law.
(3) Periodic distributions, including annuities, as authorized by the board.

(4) No current distribution, in which case the accumulated balance must remain
in the plan until the former participating member or refund beneficiary elects
a method or methods of distribution under this section, to the extent allowed
by federal law.
b. A surviving spouse beneficiary may elect one or a combination of several of the
methods of distribution provided in paragraph 1, 2, or 3 of subdivision a if the
surviving spouse is the sole refund beneficiary. If the surviving spouse is not the
sole refund beneficiary, the refund beneficiary may only choose a lump sum
distribution of the accumulated balance.
4. If the former participating member's vested account balance is less than one thousand
dollars, the board automatically shall refund the member's vested account balance
upon termination of employment. The member may waive the refund if the member
submits a written statement to the board, within one hundred twenty days after
termination, requesting that the member's vested account balance remain in the plan.