Withdrawal

Any political subdivision may discontinue participation in the fund if the following requirements are met: 1. The political subdivision shall provide the board with a copy of a resolution adopted by the governing authority authorizing the termination of participation in the fund. 2. Upon receiving a copy of the written resolution, an actuarial study must be done by the plan's actuary to determine the accrued benefit of all employees minus allocated assets from the date of participation. The interest assumption used must be two hundred basis points less than the plan's interest assumption used for funding purposes. The withdrawal liability must include an administrative expense assessment of five percent. 3. Any costs incurred by the fund, resulting from a political subdivision ceasing participation, including the actuarial fee study and the withdrawal liability, must be assessed against the political subdivision and paid in full before a political subdivision terminates its participation. 4. All employees of a political subdivision that has terminated participation in the fund must not be eligible for future benefit accruals or improvements granted to employees or former employees of participating governmental units after the date the employer's participation ceases. 5. As of the date the employer's participation ceases, all participating members, including participating members who are not otherwise vested in accordance with subsection 5 of North Dakota Century Code section 54-52-17, must be fully vested in benefits accrued up to the date the employer's participation ceases to the extent funded. 6. Notwithstanding the vesting requirements of North Dakota Century Code sections 54 52-11.1 and 54-52-17, all participating members have the option of taking a refund or rollover of the participating member's accumulated contributions, including vested employer contributions, plus interest or deferred retirement.