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TFFR's financial strength grows, unfunded liability reduced

TFFR continues to make steady progress toward long-term financial health.

Each year, the Board of Trustees reviews an independent actuarial valuation to assess the plan’s financial strength. The most recent report, prepared by GRS as of July 1, 2025, shows encouraging results.

A key measure of the plan’s financial health is the funded ratio, which compares the assets available to pay benefits with long-term obligations. In 2025, TFFR’s funded ratio improved to 73.4%, up from 71.6% in 2024. This increase reflects solid investment performance and disciplined funding practices.

As investment gains continue to reduce the plan’s unfunded liability, the estimated time needed to fully fund all benefits decreased from 19 years to 17 years. In addition, the plan’s long-term investment return assumption was lowered from 7.25% to 7.15%.

Overall, these results highlight continued progress and reinforce TFFR’s commitment to providing a secure and sustainable retirement for North Dakota educators.

TFFR Membership Snapshot

Active Members: 12,012

• Average Annual Salary: $70,749
• Average Age: 41.6 years
• Average Service: 11.6 years

Inactive Members: 4,262

• Vested 2,308
• Non-vested 1,954

Retired Members: 9,664

• Average Annual Pension: $29,370
• Average Current Age: 74.2
• Oldest Retiree: 103
• Average Years of Service: 26.95
• Most Years of Service: 49.083 

*All data as of 07/01/2025.

Make practical progress toward greater financial stability

TFFR provides educators with a foundation for a secure retirement, but have you thought about adding additional retirement savings to strengthen your long-term financial security?

April is Financial Literacy Month, a time to build knowledge and confidence when making financial decisions. Financial literacy doesn’t mean knowing everything about money. It means understanding enough to make sound decisions with greater confidence.

Supplementing your TFFR benefit

Your TFFR pension provides a guaranteed benefit based on your years of service and final average salary. Adding a tax-advantaged savings option alongside your pension can help grow your retirement nest egg while reducing taxable income today. Many North Dakota educators have access to these savings plans through their employer.

Build financial confidence

Making smart decisions about supplemental savings starts with financial literacy. The State of North Dakota offers Smart with My Money, a free financial literacy program designed to help you strengthen your money management skills. Whether you're planning for retirement, managing emergencies, or simply want to improve your financial wellness, this resource provides practical tools and information at no cost! Get Started Take control of your financial future today! Start by logging into Smart with My Money to gain practical insights on budgeting, investing, debt management, and retirement planning. Next, reach out to your employer to explore supplemental savings options and eligibility. Even small, consistent contributions can grow into a powerful source of retirement security. These steps can help you build the retirement you’ve envisioned confident, secure, and within reach.

Understanding TFFR retirement eligibility

To be eligible for a retirement benefit from TFFR, you must first be vested. Vesting means you have earned enough service credit to qualify for a retirement benefit. Once vested, eligibility is based on meeting either the Rule of 85 or the Rule of 90/minimum age 60.

• Rule of 85: Your age plus years of service credit equals 85 or more.
• Rule of 90: Your age plus years of service credit equals 90 or more/minimum age 60.

All vested TFFR members qualify for a full, unreduced retirement benefit at age 65. Some members may qualify earlier.

• Tier 1 Grandfathered members qualify for an unreduced benefit under the Rule of 85. Reduced retirement benefits are available as early as age 55 with a 6% early retirement reduction factor.
• Tier 1 Non-Grandfathered and Tier 2 members qualify for unreduced retirement at age 60 with the Rule of 90. Reduced retirement benefits are available as early as age 55 with an 8% early retirement reduction. 

Check Your Tier and Estimate Your Benefit

Understanding your eligibility helps you plan for a successful retirement. Get started by logging into MyTFFR to view your member tier and estimate your retirement benefit.

Once logged in, if you need assistance locating your member tier or creating an estimate, select the Help button on your dashboard to access the Member Help Center. A benefit estimate "How to" video is available on RIO's YouTube Channel.

Keep Your MyTFFR Account Current

Your MyTFFR account is your direct connection to your retirement benefits. Keeping it up to date ensures you get important updates, maintain secure access, and have a smooth retirement process. Quick things to check Email and mailing address Phone number Beneficiary designations Why it matters Receive timely updates about your retirement program, benefit eligibility and events. Keeping your account current helps to prevent fraud and, if necessary, aids in account recovery. Life changes like marriage, divorce, or a new child can affect beneficiary designations. Keep beneficaries current to ensure your benefits go where you intend. Up-to-date details make applying for retirement or disability benefits easily. Take action today Log in to MyTFFR and review your account's demographic information and beneficiary designations. if you need assistance, select the Help button on your dashboard to access the Member Help Center. "How to" videos are also available on RIO's YouTube Channel.

RIO welcomes Chase Kauffeld as Chief Retirement Officer

RIO welcomed Chase Kauffeld as Chief Retirement Officer in January 2026. He is responsible for supporting and advising the TFFR Board of Trustees; leading strategic planning and program improvement initiatives; building partnerships with stakeholders; and fostering a collaborative, high performing team culture. Why RIO? I was drawn to RIO’s mission of public stewardship, supporting the long-term financial security of North Dakota educators through operational excellence and strategic action. Serving as a fiduciary for educators and retirees aligns with my personal commitment to always act in stakeholders’ best interests. RIO is a complex and exciting agency that will continue to benefit North Dakotans for generations. What do you find most challenging? The most challenging part of my role is balancing long-term objectives for managing TFFR with the day-to-day needs of multiple stakeholders. While challenging, it’s also incredibly rewarding. I enjoy combining analytical skills with practical judgment to guide TFFR decisions. Before joining RIO Chase brings a diverse background in finance, public markets, auditing, and governance. Most recently, he worked at Independence Bank Trusts and Investments, serving institutions and individuals as a fiduciary. Earlier in his career, he helped modernize financial systems at a nonprofit and worked as a financial statement auditor. Outside of work Chase enjoys spending time with his family, staying active, and being outdoors. Golf and fishing give him great reasons to get outside, and he looks forward to exploring North Dakota with his family as they put down roots in Bismarck.

Successful retirement begins with a plan

If you plan to retire at the end of this school year, make a smooth transition by: 

1. Learning about your TFFR benefits Review the Benefit section of the Member Handbook. Watch a Group Benefit Presentation on RIO's YouTube channel to learn about annuity options. 2. Reviewing your account to ensure its up-to-date Log in to MyTFFR and confirm your contact information and beneficiary designations are up to date using the My Profile and My Beneficiary tiles. Provide as much detail as possible, phone numbers and email addresses, so RIO staff can reach you and your beneficiaries when needed. 3. Prepare for the application process For best results, follow the Retirement Application Checklist. Gather key documents (proof of age, resignation letter, and current teaching contracts) and your banking information and know your tax withholding. Frequently Asked Questions When should I apply? RIO recommends applying 60–90 days before your planned retirement date. How do I compare benefit options? Use the Estimate My Benefit tile on your MyTFFR dashboard to review annuity options, survivor benefits, tax withholding, and estimated net benefit. Need assistance? Use the Help button in MyTFFR to access the Member Help Center and explore the how-to videos on our YouTube channel. If you still have questions, schedule an appointment with a retirement specialist.

TFFR earns national pension honor

In December, TFFR was recognized with the 2025 Public Pension Standards Award for Funding and Administration. The award is the benchmark for excellence in public defined benefit plans, evaluating standards of management, administration, and funding.   Overseen by the TFFR Board of Trustees and administered by RIO, this is the ninth consecutive year that the program has received the award from the Public Pension Coordinating Council.

RIO's FY2025 financial audit report released

RIO's FY2025 financial audit report contains an unmodified and clean opinion. This independent evaluation of our financial statements, operations, and internal controls helps to ensure transparency and accountability. RIO continues to uphold the highest standards of fiduciary responsibility in service to its members and stakeholders.

FY2025 TFFR Actuarial Valuation Report

The FY2025 TFFR Actuarial Valuation Report highlights continued improvement in the plan’s overall financial position. TFFR’s funded status increased from 71.6% to 73.4%, reflecting positive investment performance and steady progress toward long-term sustainability.

FY2025 annual comprehensive financial report available

RIO's FY2025 Annual Comprehensive Financial Report is a complete review of the financial, investment, and actuarial conditions of the agency's programs. The report provides a comprehensive overview of the financial, investment, and actuarial status of the two programs administered by the agency, the State Investment Board and TFFR.

In case you missed it (ICYMI)

BRIDGE Update: March 6, 2026, DPI News

Report Praises ND High School Policy Progress, DPI News

Forness Named to ND Education Board, DPI News

Here’s Your Chance To Give Your Views On Schools, DPI News

How North Dakota is Bridging the Career Awareness Gap, CTE News

Fast Facts answers common questions quickly

TFFR's Fast Facts highlights key information about the program, including the fund's status, how many members RIO serves, and how much was distributed to retirees in FY2025. Explore Fast Facts to get answers to these questions and more. 

TFFR Board of Trustees

Dr. Robert Lech, president (active)

Alexis Rasset, vice president (active)

Mike Burton, trustee (retired)

Scott Evanoff, trustee (retired)

Cody Mickelson, trustee (active)

Levi Bachmeier, superintendent of public instruction

Thomas Beadle, state treasurer

Staff serving TFFR members

Jodi A. Smith, executive director

Chase Kauffeld, chief retirement officer

Denise Weeks, retirement program manager

Jayme Heick, retirement specialist

Denise Leingang-Sargeant, retirement specialist

Rachelle Smith, administrative assistant

Sarah Mudder, communications director

Our Mission: "To provide prudent and transparent investment services for our client funds and support North Dakota public school educators with responsible benefit administration."