North Dakota Code 54-52.6-05 – Direction of investments
(Effective through December 31, 2024) Each participating member shall direct the investment of the individual‘s accumulated employer and employee contributions and earnings to one or more investment choices within available categories of investment provided by the board.
Terms Used In North Dakota Code 54-52.6-05
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Individual: means a human being. See North Dakota Code 1-01-49
Direction of investments. (Effective after December 31, 2024) 1. Each participating member shall direct the investment of the individual’s accumulated employer and employee contributions and earnings to one or more investment choices within available categories of investment provided by the board.
2. The board shall provide an investment menu of investment options. In establishing the investment options, the board shall:
a. Include predetermined investment portfolio options constructed to reflect different risk profiles that automatically reallocate and rebalance contributions as a participating member ages.
b. Allow a participating member to construct an investment portfolio using some or all of the investment options.
3. The board shall provide a diversified menu of mutual funds and in-plan lifetime annuity options, either fixed, variable, or a combination of both. In selecting an annuity provider the board shall comply with section 54-52.6-05.1.