54-52.2 Deferred Compensation Plan for Public Employees
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<![CDATA[CHAPTER 54-52.2DEFERRED COMPENSATION PLAN FOR PUBLIC EMPLOYEES54-52.2-01. Deferred compensation program for public employees - Contract. Thestate or any county, city, or other political subdivision may, by contract, agree with any employee<br>to defer, in whole or in part, any portion of that employee's compensation and may subsequently,<br>with the consent of the employee, fund a deferred compensation program for the employee. The<br>deferred compensation program may consist of a contract, purchase, or investment in a fixed or<br>variable life insurance or annuity contract from any life underwriter duly licensed by this state who<br>represents an insurance company licensed to contract business in this state, a savings account<br>at a federally insured financial institution or the Bank of North Dakota, an account with or<br>managed by a dealer registered under chapter 10-04, or any combination of contracts or<br>accounts authorized by this section, as specified by the employee.The public employeesretirement board shall specify methods of payment of deferred compensation funds to be<br>selected by individual employees.That board shall determine the number of employeesparticipating in a deferred compensation program necessary to qualify for automatic payroll<br>deduction.54-52.2-02.Deferred employee's compensation - Agreements.The publicemployees retirement board, acting on behalf of each state agency, department, board,<br>commission, or institution, may enter into contractual agreements with employees of a state<br>agency, department, board, commission, or institution on behalf of the state to defer any portion<br>of that employee's compensation allowed under section 457 of the Internal Revenue Code<br>[26 U.S.C. 457].54-52.2-03.Deferred compensation program - Administration - Contract forservices.The administration of the deferred compensation program for each state agency,department, board, commission, or institution is under the direction of the public employees<br>retirement board. Each county, city, or other political subdivision shall designate an officer to<br>administer the deferred compensation program or appoint the public employees retirement board<br>to administer the program on its behalf. Payroll reductions must be made in each instance by the<br>appropriate payroll officer. The public employees retirement board shall administer the deferred<br>compensation program based on one or more plans in compliance with the appropriate<br>provisions of the Internal Revenue Code and regulations adopted under those provisions. Not<br>later than January 1, 1999, all plan assets and income must be held in trust, custodial accounts,<br>or contracts as described in section 401(f) of the Internal Revenue Code [26 U.S.C. 401(f)] for the<br>exclusive benefit of participants and their beneficiaries as required by section 457 of the Internal<br>Revenue Code [26 U.S.C. 457]. Once the trust, custodial account, or contract is established as<br>required by this section, the board shall act as fiduciary of the plan to the extent required by<br>section 457 of the Internal Revenue Code [26 U.S.C. 457] and the board is authorized to do all<br>things necessary for the proper administration of the plan to ensure that the plan maintains its<br>qualified status.54-52.2-03.1.Deferred compensation program - Executive director - Staff -Funding. Repealed by S.L. 1987, ch. 653, </p>
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