This text of North Dakota § 54-52.6-21 (Internal Revenue Code compliance) 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.
The board shall administer the plan in compliance with the following sections of the Internal
Revenue Code, as amended, as they apply to governmental plans:
1.Section 415, including the defined contribution limitations under section 415(c)(1)(A)
and (B) of the Internal Revenue Code and the Treasury Regulations thereunder, which
are incorporated herein by reference.
a.In accordance with the defined contribution limitations under section 415(c) of the
Internal Revenue Code, annual additions (as defined in section 415(c)(2) of the
Internal Revenue Code) under this plan may not exceed the limitations set forth in
section 415(c)(1)(A) and (B), as adjusted under section 415(d) of the Internal
Revenue Code, effective January first of each year following a regular legislative
session.
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The board shall administer the plan in compliance with the following sections of the Internal
Revenue Code, as amended, as they apply to governmental plans:
1. Section 415, including the defined contribution limitations under section 415(c)(1)(A)
and (B) of the Internal Revenue Code and the Treasury Regulations thereunder, which
are incorporated herein by reference.
a. In accordance with the defined contribution limitations under section 415(c) of the
Internal Revenue Code, annual additions (as defined in section 415(c)(2) of the
Internal Revenue Code) under this plan may not exceed the limitations set forth in
section 415(c)(1)(A) and (B), as adjusted under section 415(d) of the Internal
Revenue Code, effective January first of each year following a regular legislative
session.
b. If a participating member's aggregate annual additions exceed the defined
contribution limitations under section 415(c) of the Internal Revenue Code, the
member's annual additions must be reduced to the extent necessary to comply
with section 415(c) of the Internal Revenue Code and the Treasury Regulations
thereunder.
2. The minimum distribution rules under section 401(a)(9) of the Internal Revenue Code
and the regulations issued under that provision to the extent applicable to
governmental plans. Accordingly, benefits must be distributed or begin to be distributed
no later than a member's required beginning date, and the required minimum
distribution rules override any inconsistent provision of this chapter. For a member who
attains age seventy and one-half before January 1, 2020, the member's required
beginning date is April first of the calendar year following the later of the calendar year
in which the member attains age seventy and one-half or terminates employment. For
a member who attains age seventy and one-half after December 31, 2019, the
member's required beginning date is April first of the calendar year following the later
of the calendar year in which the member attains age seventy-two or terminates
employment.
3. The annual compensation limitation under section 401(a)(17) of the Internal Revenue
Code, as adjusted for cost-of-living increases under section 401(a)(17)(B).
4. The rollover rules under section 401(a)(31) of the Internal Revenue Code. Accordingly,
a distributee may elect to have an eligible rollover distribution, as defined in section
402(c)(4) of the Internal Revenue Code, paid in a direct rollover to an eligible
retirement plan, as defined in section 402(c)(8)(B) of the Internal Revenue Code,
specified by the distributee.
5. If the plan of retirement benefits set forth in this chapter is terminated or discontinued,
the rights of all affected participating members to accrued retirement benefits under
this chapter as of the date of termination or discontinuance is nonforfeitable, to the
extent then funded.