Can I offer a 401(k) plan to my employees in North Dakota? What are the requirements?

To offer a 401(k) plan to your employees in North Dakota, you must comply with the Internal Revenue Service (IRS) standards for qualified retirement plans. Additionally, you must comply with any state-specific requirements.

According to the North Dakota Century Code, there are no state-specific requirements for offering a 401(k) plan to employees. However, you may need to register your plan with the North Dakota Securities Department if it involves the sale of securities ^[1.1].

To ensure compliance with IRS standards, you must follow the rules outlined in the Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code (IRC). These rules cover various aspects of the plan, including eligibility, contributions, vesting, and distributions.

It is recommended that you consult with a qualified financial advisor or attorney to ensure that your 401(k) plan complies with all applicable laws and regulations.

In summary, there are no state-specific requirements for offering a 401(k) plan to employees in North Dakota. However, you must comply with IRS standards for qualified retirement plans and may need to register your plan with the North Dakota Securities Department if it involves the sale of securities.

Source(s):

• [1.1] North Dakota higher education savings plan - Administration - Rules - Continuing appropriation.

Jurisdiction

North Dakota

• Labor