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Current as of January 01, 2024 | Updated by Findlaw Staff
1. The board shall provide information to employees who are eligible under section 54-52.6-02 or 54-52.6-02.2 to elect to become participating members under this chapter. The information must include at a minimum the employee's current account balance, the assumption of investment risk under a defined contribution retirement plan, administrative and investment costs, coordination of benefits information, and a comparison of projected retirement benefits under the public employees retirement system under chapter 54-52 and the retirement plan established under this chapter.
2. The board, or the board's vendor, shall provide to all participating members of the defined contribution retirement plan, including individuals who elected to become participating members under section 54-52.6-02 or 54-52.6-02.2:
a. Enrollment information that includes benefits of the defined contribution retirement plan, investment options available, the assumption of risk, and administrative and investment costs.
b. Ongoing investment and retirement income planning, including education on how to set, measure, and adjust income and saving goals based on desired retirement income and financial objectives, actual behavior, and changing circumstances.
c. Retirement income education, including distribution options available and in-plan annuitization options.
d. Advice and guidance information, tools, and services primarily focused on long-term planning and investing and life events that potentially influence and impact retirement savings.
3. Notwithstanding any other provision of law, the board is not liable for any election or investment decision made by an individual based upon information provided to an individual under this chapter.
Cite this article: FindLaw.com - North Dakota Century Code Title 54. State Government § 54-52.6-15. Board to provide information (Effective on the date identified if the contingency is satisfied) - last updated January 01, 2024 | https://codes.findlaw.com/nd/title-54-state-government/nd-cent-code-sect-54-52-6-15/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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