ND SB2061

Revises the definition of "actuarial equivalent" in the Teachers' Fund for Retirement to clarify it is calculated as benefits of equal actuarial value based on actuarial assumptions and methods adopted by the board, rather than using mortality tables and purchasable amounts.

Updates references to federal law provisions from August 1, 2011 to August 1, 2013 across multiple sections governing salary limits, benefit limitations, and minimum distributions under the Internal Revenue Code.

Expands the definition of "salary" to include salary reduction or deferral amounts under specified sections of the Internal Revenue Code and clarifies exclusions for various non-wage benefits, insurance programs, and performance-based payments.

Creates a new "savings clause" authorizing the Board of Trustees to adopt plan modifications to comply with federal statutes or rules, subject to approval by the Employee Benefits Programs Committee, pending future legislative amendments.

Modifies vesting provisions to state that tier one or tier two members who attain normal retirement age have a vested right to a retirement annuity under the fund.