18-11-19. Fund based upon actuarial tables - Treatment of forfeitures
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ND Code › Title 18 › Chapter 18-11 › Section 18-11-19
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18-11-19. Fund based upon actuarial tables - Treatment of forfeitures
1. The pension fund must be based upon actuarial tables and the association is
authorized to engage an actuary for studies of the plan when deemed necessary by
the association.
2. As required by section 401(a)(8) of the Internal Revenue Code; 26 U.S.C. 401(a)(8),
no part of any benefit forfeitures of a member resulting from the application of any
provisions of this chapter may be applied to increase the benefits a member would
otherwise receive.
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