ND Teachers' Fund for Retirement
Summary of 2009 Legislative Proposals
The TFFR Board has submitted a bill draft to the Legislative Employee Benefits Programs Committee for study. The proposal being studied:
Bill No. 100 - Submitted by the TFFR Board
Study Bill Draft 100
This bill includes technical and administrative changes to the TFFR Program. The proposed changes have no financial impact on the Fund. Most of the amendments are needed to incorporate federal tax law changes as they relate to qualified governmental plans. Other changes include clarification that non-contracted substitute teaching does not apply to the annual hour limit for re-employed retirees. In addition, confidentiality provisions are modified to allow disclosure of retirement information in certain limited situations outlined in the bill.
Other Bills Affecting TFFR:
Bill No. 109 - Submitted by Senator O'Connell on behalf of the ND Retired Teachers Association
Study Bill Draft 109
This bill would provide a one time supplemental retiree benefit payment to all TFFR retirees and beneficiaries receiving an annuity on June 30, 2009. The supplemental payment is equal to an amount determined by taking $4 per year of service credit, plus $3 per number of years since the member's retirement, with the sum multiplied by 12. If approved, the supplemental payment would be made in December 2009, and only one payment would be made on each retiree's account. The bill includes an $11 million general fund appropriation to fund the supplemental payment.
Example below: Retiree with 28 years of service credit who has been retired since 1997.
| $4 X 28 (service credit)= |
$112 |
|
| $3 X 12 (years retired)= |
$ 36 |
|
| Supplemental Payment Amount |
$148 |
x 12 |
= $1776 |
|
