2013 Approved Legislation
SB 2061 - TFFR Administrative Changes
Sponsor: TFFR Board
- Updates the definition of actuarial equivalent to more clearly describe its use in pension calculations.
- Defines normal retirement age as the age a member becomes eligible for monthly lifetime unreduced retirement benefits as currently described in state statutes.
- Clarifies vesting provisions for compliance with federal statutes or rules.
- Incorporates other federal tax law changes to maintain compliance with federal statutes or rules
- Adds savings clause which allows TFFR Board to adopt terminology to comply with federal statutes or rules subject to approval of the legislative employee benefits programs committee
Other Bills Affecting TFFR:
HB 1230 - Expiration of the Increase in TFFR Contribution Rates
- Maintains the TFFR member and employer contribution rates approved by the 2011 Legislature until the Fund reaches 100% funded ratio (not 90% as provided in current law) at which time contribution rates would be reduced to 7.75% for member and 7.75% for employer.
Additional Legislation Information
ND Legislative Website