nd.gov - The Official Portal for North Dakota State Government
North Dakota: Legendary. Follow the trail of legends
North Dakota
Retirement and Investment Office Skip navigation
  About Us ] Contact Us ] News ] SIB ] TFFR ] Search ] Site Map ]  

 

 

 

TFFR Member Handbook (continued)

Previous Section

Table of Contents

Table 5 - Level Income Option
TFFR Retirement Age Percent of Estimated Social Security Using the Single Life Annuity Option for Age 62 Percent of Estimated Social Security Using the Single Life Annuity Option for Normal Retirement Age for SS
53 43% 26%
54 47% 28%
55 52% 31%
56 56% 34%
57 62% 37%
58 68% 41%
59 74% 45%
60 82% 49%
61 90% 54%
62 N/A 60%
63 N/A 66%
64 N/A 73%
65 N/A 80%
66 N/A 89%

Example:

Calculation of Level Income Supplement:
 
TFFR Retirement Age 55
Estimated Social Security Benefit = $800 at age 62
$800 × 52% = $416

 

Calculation of TFFR Single Life Annuity:  
   
Single Life Annuity Non-Level Income $ 1,000
Level Income Supplement + 416
Level Income Single Life Annuity (before age 62) $ 1,416
At age 62 TFFR annuity is reduced by - 800
Level Income Single Life Annuity (after age 62) $ 616

Table of Contents

Next Section

 
    [ Back ]   [ Forward ]    

 

  Valid XHTML 1.0! Valid CSS! Level Double-A conformance icon, W3C-WAI Web Content Accessibility Guidelines 1.0