|
Active Member News
|
September 2023
|
|
|
 TFFR pension fund performance data
TFFR's pension consists of employee and employer contributions and investment earnings. The State Investment Board is responsible for investment of the contributions. The fund's performance data is available on RIO's website.
Annual statements are now available online
Annual statements are designed to help you understand all the TFFR benefit options available to you. The 2022-23 statements have been uploaded to TFFR member online service. We encourage you to login to your account and take a few moments to review your statement to ensure your account information is accurate. Below are the items to review:
- Name, address and birthdate.
- Person ID number (6 digits).
- Membership status: Tier 1 Grandfathered, Tier 1 Non-Grandfathered, or Tier 2.
- Account Value: consists of employer and member contributions, purchase payments and interest earned (6%).
- Service credit (i.e., 700 hours = 1.000 year).
- 2022-23 retirement salary: includes all eligible pay for teaching, supervisory, administrative, and extracurricular duties.
- Benefit projections.
- Disability benefit estimate.
- Primary beneficiary(ies).
- Survivor benefits.
Need assistance? Contact RIO at 701-328-9885, 800-952-2970 or rio@nd.gov.
|
|
MyTFFR: new self-service portal coming in fall 2024!
In fall 2024, RIO will launch MyTFFR, a new self-service portal that will allow TFFR members to manage a wider range of account transactions.
If you currently have access to TFFR’s online member service, your login credentials will transfer to MyTFFR.
If you don’t have access, you can create a login and access the existing system by visiting RIO’s website and selecting TFFR Member Login.
Need assistance? Contact RIO at 701-328-9885, 800-952-2970 or rio@nd.gov.
|
|
|
Legislative update: how the TFFR program was impacted
RIO coordinates the activities of the TFFR, a qualified defined benefit public pension plan for public school educators. Plan funding comes from member and employer contributions and investment earnings. State legislators are responsible for crafting and passing program laws.
PROGRAM AND POLICY CHANGES
House Bill 1219 made policy changes to incentivize retired teachers to return to the classroom and clarified program rules in preparation for the launch of TFFR's new pension administration system.
Purchasing Refunded Service Credit
To provide consistency in the plan, the cost of purchasing refunded service credit by members who return to TFFR-covered employment was changed from an interest calculation to an actuarial equivalent.
Learn more, download the Purchasing Service Credit brochure.
Social Security Leveling
A rarely selected retirement annuity option, Social Security leveling, was eliminated for members who retire on or after Aug. 1, 2023.
Working After Retirement
Members may return to TFFR-covered employment 30 days after retirement for a maximum number of hours in a fiscal year without their benefit being suspended. The program was updated to exclude the reporting of salaries for extracurricular activities and professional development.
For members who return to TFFR-covered employment 30 days after retirement date and exceed an Annual Hour Limit and have their benefit suspended, upon re-retirement a recalculation of their benefit will include any amount of new service without any offset.
Learn more, download the Working After Retirement brochure.
VETERAN EXEMPTION
A veteran exemption to TFFR program participation was the focus of House Bill 1150. First-year teachers who served at least 20 years in the US Armed Forces on full-time active duty and retired with full military retirement benefits, may choose not to be a member of the TFFR. The election must be made by the teacher within their first year of teaching and is irrevocable. The legislation was effective on Aug. 1, 2023.
MEMBER RESOURCES
RIO will publish an updated TFFR Member Handbook later this year that reflects these legislative changes. The program's Fast Facts, with current member and employer contribution rates, is available online.
|
|
|
Planning to retire? Attend a group benefit presentation
TFFR members who are considering retirement are invited to participate in a 90-minute group education session led by a RIO staff member who will step you through the process and provide a basic understanding of your pension options. Learn more or register for an upcoming event.
|
RIO's Retirement Education Workshops help TFFR members in mapping to their eventual retirement by providing information on the pension program, estate and financial planning, and current health insurance options. A virtual workshop, hosted by the agency in July, was recorded and can be viewed on our YouTube channel. View workshop recordings.
|
|
In case you missed it...
Evanoff appointed to TFFR board of trustees, Sept. 26, 2023
Burgum creates Teacher Retention and Recruitment Task Force, Sept. 8, 2023
DPI receives grant to help paraprofessionals become teachers, Sept. 7, 2023
Burgum grants request from ESPB for flexibility to address teacher shortage, Aug. 8, 2023
Finalists named for 2024 North Dakota Teacher of the Year, July 19, 2023
North Dakota the first state to obtain approval for principal apprenticeships, July 14, 2023
TFFR board selects new actuary, May 25, 2023
|
|
|
RIO surveyed TFFR members this spring to ascertain their understanding of the retirement program. Key takeaways included consideration of providing members with a supplemental contribution plan, not assuming members understand how their pension works, and the need for RIO to directly communicate with its members. RIO will use the information to develop a communications strategy for the program. The full survey results were shared with the TFFR board of trustees at their June 2023 board meeting.
RIO receives 2022 Public Pension Standards Award
 |
|
RIO was recognized by the Public Pension Coordinating Council (PPCC) for meeting the professional standards for plan funding and administration as set forth in the Public Pension Standards in the administration of the TFFR plan.
The PPCC is a coalition of national associations (National Association of State Retirement Administrators, National Conference on Public Employee Retirement Systems and National Council on Teacher Retirement) that together represent more than 500 of the largest pension plans in the United States:
|
To update account information, download, complete and return the corresponding form:
Have a question or want to visit our office?
TFFR members are always welcome to contact RIO with questions about the pension program. You may also schedule a one-on-one appointment with a retirement specialist using the Book Appointment link on our website.
Prefer to connect with us in-person? Before stopping by the office, please call to ensure the individual you would like to visit with is available and confirm you have our current address. As of Nov. 2021, RIO is in the Century Center at 1600 E Century Ave, Bismarck.
|
|
TFFR's administrative staff
Jan Murtha, executive director
Chad Roberts, deputy executive director/
chief retirement officer
Denise Weeks, retirement program mgr.
Jayme Heick, retirement specialist
Denise Leingang-Sargeant, retirement
specialist
Rachelle Smith, administrative assistant
Mensah Anyide-Ocloo, admin. support
Sarah Mudder, communications and
outreach director
Vacant, member specialist
|
TFFR board of trustees
Dr. Robert Lech, president, active
Mike Burton, vice president, retired
Jordan Willgohs, trustee, active
Cody Mickelson, trustee, active
Scott Evanoff, trustee, retired
Kirsten Baesler, state superintendent
Thomas Beadle, state treasurer
_______________________________
Other forms of this newsletter are available upon request.
|
|
RIO's mission: "To provide prudent and transparent investment services for our client funds and support North Dakota public school educators with responsible benefit administration." |
|
|
|
|
