1. A participating member shall pay the administrative expenses of the plan in a manner determined by the board. The board: a. Or a vendor retained by the board, may charge reasonable administrative expenses and deduct those expenses from a participating member's account in the deferred compensation plan established under this chapter. b. May pay the administrative expenses of the plan from fines and fees collected from a vendor in a manner determined by the board. c. Shall deposit vendor fines and fees and any money deducted from a participating member's account in an administrative expenses account with the state treasurer. d. May use funds from the payroll clearing account established under section 54-52.3-03 and the administrative expenses account to pay for consulting expenses.

2. All money in the payroll clearing account and the administrative expenses account are appropriated to the board on a continuing basis for the purpose of retaining a consultant as required for the administration of this chapter.