North Dakota Century Code Title 54. State Government § 54-52.6-05.1. Annuity provider--Qualifications (Effective after December 31, 2024, or on the date identified if the contingency is satisfied)

a. Determine whether the annuity provider and the provider's subsidiaries and affiliates have appropriate financial strength and stability at the time of selection and during the term of contract with the board.

b. Determine whether the annuity provider is able to provide contracted rights and benefits to a participating member.

c. Determine whether the costs, including fees and commissions, of the annuity options in relation to the benefits and product features of the annuity options are reasonable.

d. Determine whether the administrative services to be provided under the annuity option are appropriate. At a minimum the administrative services must include periodic reports to the board.

e. Determine whether the annuity provider is experienced in paying lifetime retirement income through annuities offered to public employee defined contribution retirement plans.

f. Determine whether the annuity provider offers a menu of annuity options that meet the following conditions:

g. Determine whether the annuity provider offers objective and participant-specific education and tools to help a participating member understand the appropriate use of annuities as a long-term retirement savings vehicle.