Teachers' Fund for Retirement

Retirement Plan Overview

The Teachers' Fund for Retirement (TFFR) was established in 1913 to provide retirement income to public educators. TFFR is a qualified defined benefit public pension plan covered under Section 401(a) of the Internal Revenue Code. The North Dakota Century Code (NDCC) Chapter 15-39-1 contains the actual language governing the Fund and is supplemented by Title 82 of the North Dakota Administrative Code (both require Adobe Acrobat Reader).

Responsibility for administration of the TFFR benefits program is assigned to a seven-member Board of Trustees (Board). The Board consists of the State Treasurer, the Superintendent of Public Instruction, and five members appointed by the Governor. The appointed members serve five-year terms which end on June 30 of alternate years. The appointed Board members must include two classroom teachers or guidance counselors, a school administrator, and two retired members.

The TFFR benefits program is administered through the Retirement and Investment Office (RIO).

TFFR's funds are invested under the direction of the State Investment Board (SIB) following the 'Prudent Investor Rule.' The investments must be invested exclusively for the benefit of the TFFR members. Four of the TFFR Board members serve as voting members on the eleven-member SIB.

Mission

The 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.

Goals

Investment and Funding Goals:

• Improve the Plan's funding status to protect and sustain current and future benefits.
• Minimize the employee and employer contributions needed to fund the Plan over the long term.
• Avoid substantial volatility in required contribution rates and fluctuations in the Plan's funding status.
• Accumulate a funding surplus to provide increases in retiree annuity payments to preserve the purchasing power of their retirement benefits.

Service Goals:

• Administer accurate, prompt, and efficient pension benefits program.
• Deliver high quality, friendly service to members and employers.
• Provide educational outreach programs including pre-retirement seminars and individual benefits counseling sessions.