This bill proposes the creation of a new section to chapter 54-52.2 of the North Dakota Century Code, which addresses the payment of administrative expenses for the public employees retirement system deferred compensation plan. It establishes that participating members will be responsible for covering these administrative expenses in a manner determined by the board overseeing the plan. The board, or a vendor it retains, is authorized to charge reasonable administrative expenses and deduct them 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 such funds into an administrative expenses account managed by the state treasurer.

Furthermore, the bill stipulates that funds from both the payroll clearing account and the administrative expenses account can be used to pay for consulting expenses necessary for the administration of the deferred compensation plan. Importantly, all money in these accounts is appropriated to the board on a continuing basis, ensuring that the necessary resources are available for effective management and oversight of the plan.