The Bank will approve:
The Bank will determine the age-based portfolios and the age of the designated beneficiary specified for each portfolio. The Bank will determine the investment styles that are available for each age-based portfolio.
As time passes and the designated beneficiary ages, the account will be automatically reassigned to a more conservative age-based portfolio. When an account is reassigned to a more conservative age-based portfolio, units of the age-based portfolio to which the account has been invested will be redeemed and the proceeds of such redemption will be used by the manager to purchase units of the more conservative age-based portfolio to which the account is invested. Thereafter, contributions to the account and earnings thereon, if any, will be used by the manager to purchase units of the more conservative age-based portfolio.
N.D. Admin Code 12.5-02-01-04
General Authority: NDCC 6-09-38
Law Implemented: NDCC 6-09-38