![]() |
|
| [ About Us ] | [ Contact Us ] | [ News ] | [ SIB ] | [ TFFR ] | [ Search ] | [ Site Map ] |
|
|
TFFR Member HandbookView pdf version of TFFR Member Handbook Effective 7/1/2007 North Dakota Retirement & Investment Office Telephone: 701-328-9885 The TFFR Member Handbook is printed and distributed by the ND Retirement and Investment Office (RIO) to provide you with a quick reference source for questions regarding TFFR. This booklet is not intended to encompass all aspects of TFFR. It is updated to reflect changes made to the plan by the 2007 Legislature. Detailed information can be obtained by contacting RIO. This publication can be made available in alternative formats. Table of ContentsGeneral Information
Membership
Service Credit
RefundRetirement Benefits
Disability Retirement Benefits
Survivor BenefitsInvestment of FundsMember Services
Actuarial Tables for Benefit Options
Glossary of TermsIndexMapTeachers' Fund For RetirementMission StatementThe mission of TFFR, a trust fund, is to advocate for, develop, and administer a comprehensive retirement program for all trust fund members within the resources available. Investment and Funding Goals:
Benefit Goals:
Service Goals:
Letter to MembersJuly 2007 Dear TFFR Member: Whether you are a new teacher, a mid career educator, or a seasoned veteran, TFFR is here for you. As you go about your career, TFFR is behind the scenes - answering your questions, safeguarding your benefits, and administering a financially sound retirement plan - so that when it comes time for you to retire, you can enjoy your retirement years. Please review the 2007 edition of the TFFR Member Handbook. It summarizes the benefits available to you and your beneficiary/beneficiaries in the form of retirement, disability, and death benefits. You can obtain additional information from our website, newsletters, brochures, outreach programs, and personal consultations with retirement counselors. We hope that you will find the information helpful in your retirement planning. TFFR has been helping North Dakota teachers prepare for the future for 90 years. Our purpose has always been to provide adequate and equitable retirement benefits to our state's educators. While TFFR faces funding challenges today, recent legislative changes, along with a strong, healthy economy, should strengthen the TFFR plan, and help it to remain financially stable for decades to come. On behalf of the TFFR Board of Trustees and RIO administrative staff, we pledge to you our continued commitment to lifetime security and service for North Dakota's public school teachers. Sincerely, Fay Kopp, CRA TFFR Board of TrusteesThe TFFR Board of Trustees is responsible for administering the TFFR retirement program. The Board has the authority to establish investment policy; arrange for actuarial and medical consultants; pay benefits and consultant fees; submit proposed legislative changes; and determine appropriate levels of service to TFFR members. The TFFR program is administered by the Retirement and Investment Office (RIO). The TFFR Board consists of the state treasurer, state superintendent of public instruction, and five members appointed by the Governor. Members are appointed for five-year terms and include one active school administrator, two active teachers, and two retired members. Current TFFR Board Members Vacant, Active Administrator Four TFFR Board members also serve on the State Investment Board (SIB) and three serve on the TFFR Benefits/Services Committee. State Investment BoardThe State Investment Board (SIB) is responsible for setting policies and procedures guiding the investment of nearly $2 billion in assets for TFFR. The funds are invested following the "Prudent Investor Rule" and must be invested exclusively for the benefit of TFFR members. The investment program is administered by the Retirement and Investment Office (RIO). The SIB is also the administrative board for RIO. Current SIB members: Jack Dalrymple, Lt. Governor, Chair Retirement & Investment OfficeThe North Dakota Retirement and Investment Office (RIO) exists in order that:
Type of PlanTFFR is a qualified defined benefit public pension plan covered under Section 401(a) of the Internal Revenue Code (IRC). TFFR must be administered in compliance with IRC regulations, in particular with Section 415 maximum benefit limitations; Section 401(a)(9) minimum distribution requirements; Section 401(a)(17) maximum compensation limit; and Section 401(a)(31) rollovers and transfers. North Dakota Century Code (NDCC) Chapter 15-39.1 contains the actual language governing the Fund. The NDCC, along with Title 82 of the North Dakota Administrative Code (NDAC), are summarized in this handbook. If differences exist between the information in this handbook and state or federal law, the laws shall govern. The TFFR plan is funded on an actuarial reserve basis. That is, money is invested for your future retirement benefits while you are actively teaching. Benefit funding comes from three sources:
TFFR serves almost 10,000 teachers from 246 employer groups and pays benefits to over 5,800 retirees and beneficiaries. 2007 Legislative HighlightsSignificant TFFR plan changes were made by the 2007 Legislature to improve TFFR funding. Approved legislation:
|
| [ Back ] | [ Forward ] | |||||||
|
© 2000 - 2001 ND RIO | Disclaimer
|