What is the Teachers’ Fund for Retirement?
The Teachers’ Fund for Retirement (TFFR) is a defined benefit pension plan administered by the Retirement and Investment Office that is designed to provide licensed public school educators with retirement, disability, and death benefits.
What interest rate is my account earning with TFFR?
TFFR accounts earn interest at an annual rate of 6% compounded monthly. This interest rate is set by law and has been in place since 1983. It is not related to the investment return rate earned by the TFFR pension trust fund. When a member retires, their account no longer earns interest.
How can I find out the value of my retirement account?
Your current account value and your last annual statement can be viewed by logging into your MyTFFR account using a link found on the Retirement and Investment Office’s (RIO) website. If you don’t have an account login, you may need to create one using your personal information. If you need assistance, contact RIO at 701-328-9885 or rio@nd.gov.
Should the salary I earn from extracurricular activities be included in the amount reported to TFFR?
Once a member is contracted to perform teaching, supervisory, administrative, or extracurricular services, additional payments for performance of duties of a teacher are considered eligible retirement salary unless conditioned on or made in anticipation of retirement or termination.
More information about Eligible Retirement Salary (Reportable) and Ineligible Retirement Salary (Non-Reportable) is available in the Teachers’ Fund for Retirement Member Handbook.
Will my retirement benefits be taxable?
If you have already paid taxes on the member contributions that were paid to TFFR, you will recover the total amount of previously taxed member contributions by way of a monthly exclusion to income. The recovery period is set by the IRS and can be as long as 35 years. The balance of your benefit is taxable income under both federal and state law. See the Taxation of Retirement Benefits fact sheet. A 1099-R tax form is mailed in January.
I am retired and drawing a benefit through TFFR, can I return to teach?
After you retire, you may return to TFFR covered employment under certain employment limitations. Because of the impact returning to work could have on your TFFR retirement benefit, we strongly encourage you to contact the Retirement and Investment Office at 701-328-9885 or rio@nd.gov to discuss this option.
More information about Employment after Retirement is available in the Teachers’ Fund for Retirement Member Handbook.
I am no longer teaching in North Dakota. What are my options with my retirement account?
If you are a vested member, you have two options: 1) Take a refund of your account value. A refund can either be paid to you or rolled over to an eligible retirement plan. 2) Leave your money in TFFR and defer drawing retirement benefits until you are eligible for retirement. Deferred benefit estimates may be included on your annual statement or can be obtained by contacting the Retirement and Investment Office (RIO) at 701-328-9885 or rio@nd.gov.
If you are not vested, you have two options: 1) Take a refund of your account value. A refund can either be paid to you or rolled over to an eligible retirement plan. 2) Leave your money in TFFR and take a refund at a later date.
More information about TFFR account refunds is available in the Teachers’ Fund for Retirement Member Handbook.
How can I apply for a refund of my TFFR account?
To receive a refund of a TFFR account, login into your MyTFFR account using the link found on the Retirement and Investment Office’s (RIO) website to complete and submit a Withdrawal Application. The refund may either be paid in a direct rollover to an IRA or another qualified plan or paid to the member. If you don’t have an account login, you may need to create one using your personal information. If you need assistance, contact RIO at 701-328-9885 or rio@nd.gov.