North Dakota 2023-2024 Regular Session

North Dakota Senate Bill SB2210

Introduced

1/11/23

Refer

1/11/23

Report Pass

2/1/23

Engrossed

2/3/23

Refer

2/17/23

Report Pass

3/21/23

Enrolled

3/24/23

Passed

3/30/23

Caption

Individual retirement and employee benefit trusts.

Impact

The passage of SB2210 is expected to have significant implications for the administration of trusts in North Dakota. By clarifying the scope of regulations, the bill will simplify the legal framework governing individual retirement and employee benefit trusts. Financial institutions and service professionals involved in trust management will find it easier to navigate their obligations and responsibilities. Overall, this move is seen as a positive step towards protecting consumers and promoting stability within the financial services sector in the state.

Summary

Senate Bill No. 2210, introduced by Senator Klein, aims to amend and reenact section 59-09-02 of the North Dakota Century Code, focusing on individual retirement and employee benefit trusts. The bill seeks to streamline the regulation of trusts by clarifying which types of trusts are subject to certain provisions. This legislative change is intended to enhance compliance for financial institutions and improve oversight regarding trust management, ensuring that the state's laws remain in alignment with federal regulations and evolving financial practices.

Sentiment

The sentiment surrounding SB2210 appears largely supportive, particularly among lawmakers and stakeholders in the financial sector. The unified approval in both the Senate and House, with 92 votes in favor and none against, indicates broad legislative alignment on the need for clearer trust regulations. This consensus suggests that the bill addresses a crucial area of concern within the financial industry in North Dakota, fostering increased confidence and compliance among trust administrators.

Contention

While SB2210 passed without opposition, some potential points of contention could arise in practice, particularly concerning the transition period for existing trusts under the new regulations. Stakeholders may raise concerns about compliance costs or the implications of specific changes to operational protocols. However, the overwhelmingly favorable voting history indicates that any anticipated debates regarding the bill's implementation are unlikely to hinder its progress.

Companion Bills

No companion bills found.

Previously Filed As

ND SB2171

Public employees retirement system health benefits.

ND HB1219

The teachers' fund for retirement board authority and teachers' fund for retirement benefits.

ND SB2239

Public employees retirement system main system plan employer and employee contribution rates and participation in the public employees retirement system defined contribution plan; to provide an appropriation; to provide for application; and to provide an effective date.

ND SB2066

The imposition of a flat income tax rate for individuals, estates, and trusts; to provide an effective date; and to provide an expiration date.

ND HB1039

Public employees retirement system retirement plan contribution rates upon reaching full funding; to provide an appropriation; to provide for a transfer; to provide for application; and to provide an effective date.

ND HB1486

ND HB1548

The public employees retirement system retirement plans; to provide an exemption; to provide a contingent effective date; and to provide an effective date.

ND HB1309

Retirement benefits for peace officers employed by the bureau of criminal investigation.

ND HB1274

Membership of the public employees retirement system public safety retirement plan.

ND HB1146

Employer eligibility to participate in the public employees retirement system defined contribution retirement plan, employer contribution requirements for the defined benefit and defined contribution retirement plans, and employee eligibility to elect to transfer to the defined contribution retirement plan; to provide for retroactive application; and to declare an emergency.

Similar Bills

No similar bills found.