North Dakota Code 15-39.2-05 – Benefits payable – Calculation
A retired teacher who makes the election authorized under section 15-39.2-01 shall receive from the teachers’ fund for retirement a benefit amount equal to the difference between the benefit payable under the single life annuity option to which that teacher would otherwise be entitled under the teachers’ fund for retirement and an income offset. The income offset is equal to the single life annuity income, as of the first day of the month coinciding with or next following a teacher’s retirement date under the teachers’ fund for retirement based on accumulations attributed to employee and employer contributions under the TIAA-CREF retirement plan adopted by the state board of higher education for North Dakota institutions of higher education and assuming that all such contributions were paid to TIAA.
Terms Used In North Dakota Code 15-39.2-05
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- following: when used by way of reference to a chapter or other part of a statute means the next preceding or next following chapter or other part. See North Dakota Code 1-01-49
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See North Dakota Code 1-01-49
A retired teacher who made the election authorized under section 15-39.2-01 prior to May 1, 1979, shall have a TIAA-CREF income offset which will be fixed at the value of the May 1, 1979, TIAA-CREF income offset as calculated in accordance with this section prior to its being amended.
No payment may be made from the teachers’ fund for retirement to a retired teacher affected by this section unless the board of trustees of the teachers’ fund for retirement, or its agent, has received notice of the amount of the teacher’s income offset from TIAA-CREF.