Board authority - Continuing appropriation
N.D. Cent. Code § 15-39.1-05.2
in effect15-39.1-05.2. Board authority - Continuing appropriation
The board:
1. Has the powers and privileges of a corporation, including the right to sue and be sued
in its own name. The venue of all actions to which the board is a party must be
Burleigh County.
2. Shall establish investment policy for the trust fund under section 21-10-02.1. The
investment policy must include:
a. Acceptable rates of return, liquidity, and levels of risk; and
b. Long-range asset allocation targets.
3. Shall arrange for actuarial and medical consultants. The board shall cause a qualified,
competent actuary to be retained on a consulting basis. The actuary shall:
a. Make a valuation of the liabilities and reserves of the fund and a determination of
the contributions required by the fund to discharge its liabilities and pay
administrative costs;
b. Recommend to the board rates of employer and employee contributions required,
based upon the entry age normal cost or other accepted actuarial method, to
maintain the fund on an actuarial reserve basis;
c. Once every five years make a general investigation of the actuarial experience
under the fund, including mortality, retirement, employment turnover, and other
items required by the board;
d. Recommend actuarial tables for use in valuations and in calculating actuarial
equivalent values based on the investigation provided for in subdivision c; and
e. Perform other duties assigned by the board.
4. May pay benefits and consultant fees as necessary which are hereby appropriated
from the fund.
5. Shall submit to the legislative management's employee benefits programs committee
any necessary or desirable changes in statutes relating to the administration of the
fund.
6. Shall determine appropriate levels of service to be provided to members, including
benefits counseling and preretirement programs.
7. Shall inform the state investment board, which is the administrative board of the
retirement and investment office, the levels of services, goals, and objectives expected
to be provided through the retirement and investment office.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://ndlegis.gov/cencode/t15c39-1.pdf#nameddest=15-39p1-05p2Fetched: 10/16/2026