This bill proposes the creation of a new section in chapter 54-52.2 of the North Dakota Century Code, which addresses the payment of administrative expenses for the public employees retirement system's deferred compensation plan. It establishes that participating members will be responsible for covering these administrative expenses as determined by the board overseeing the plan. The board, or a vendor it retains, is authorized to charge reasonable administrative fees, which can be deducted directly from a member's account. Additionally, the board may utilize fines and fees collected from vendors to cover these expenses and is required to deposit all related funds into an administrative expenses account managed by the state treasurer.

Furthermore, the bill ensures that all funds in both the payroll clearing account and the administrative expenses account are continuously appropriated to the board for the purpose of hiring consultants necessary for the administration of the deferred compensation plan. This provision aims to streamline the funding process for administrative costs and ensure that the board has the resources needed to effectively manage the plan.