ND HB1230

Amends North Dakota Century Code section 15-39.1-09 to establish contribution rates for the Teachers' Fund for Retirement with scheduled increases.

Sets teacher member contribution rates at 7.75% base rate, increasing to 9.75% on July 1, 2012, and further increasing to 11.75% on July 1, 2014.

Sets employer contribution rates at 8.75% base rate, increasing to 10.75% on July 1, 2012, and further increasing to 12.75% on July 1, 2014.

Requires all increased contribution rates to be reduced back to 7.75% per annum for both members and employers effective the July 1 following the first valuation showing the fund's actuarial value of assets reaches 91% or greater of actuarial accrued liability.

Passed by House vote of 92-0 (2 absent) and Senate vote of 47-0 in the 2013 legislative session.