North Dakota Teachers’ Fund for Retirement Earns Pension Standards Award

(KNOX) – The North Dakota Teachers’ Fund for Retirement (TFFR) has been honored with the 2024 Public Pension Standards Award for Funding and Administration by the Public Pension Coordinating Council (PPCC). 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 the North Dakota Retirement and Investment Office (RIO), this is the eighth year that the program has received the funding and administration award.

“This consistent recognition by the Public Pension Coordinating Council underscores the strength and reliability of the Teachers’ Fund for Retirement program,” said RIO Executive Director Jan Murtha. “The achievement is a reflection of the program’s exceptional plan design, professional management, robust investment performance, and outstanding customer service.”

To receive the Funding Award, a pension program must meet rigorous funding adequacy requirements, including either a 100% funded ratio or contributions at or above the actuarially determined contribution rate. According to the most recent actuarial valuation report, TFFR’s statutory contributions, 12.75% by employers and 11.75% by members, continues to align with funding policy objectives, projecting full funding of the program by 2043.

“The Teachers’ Fund for Retirement is committed to excellence in funding and administration to ensure the long-term stability of the pension program,” said RIO Deputy Executive Director and Chief Retirement Officer Chad Roberts.

The Administration Award requires certification of a program as a comprehensive benefit plan, supported by audits, actuarial valuations, investment policies, robust member communication, and a board that meets quarterly or more frequently. Underscoring its dedication to operational excellence, the TFFR program has been recognized by the PPCC ten times for administration alone.

The PPCC recognized 115 pension systems nationwide with the funding and administration award this year; 12 systems were recognized for administration alone and 5 for plan funding alone.

Comprised of the National Association of State Retirement Administrators, the National Council on Teacher Retirement, and the National Conference on Public Employee Retirement Systems, the organizations that make up the PPCC collectively represent more than 500 of the largest pension plans in the United States, serving more than 18 million public employees.

Funded by member and employer contributions and investment earnings, TFFR is a qualified defined benefit public pension plan with more than 25,000 participants, approximately 11,800 are active members currently employed by public schools and state institutions.

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