Transfer of funds

Pursuant to subdivision a of subsection 4 of North Dakota Century Code section 15-10-17, funds may be transferred on behalf of those persons who are eligible through their employment with the state board of higher education. The following requirements apply: 1. Applicant must file a completed application for the teachers' insurance and annuity association of America - college retirement equities fund. 2. Notice of termination and verification of teachers' insurance and annuity association of America - college retirement equities fund eligibility must be filed by either the applicant or appropriate payroll officer. 3. Interest at the rate of seven percent must be used in calculating interest on the nonvested employer contribution, beginning from the date of first contribution through the date of transfer to the teachers' insurance and annuity association of America - college retirement equities fund.