ND HB1064

Redefines "salary" for Teachers' Fund for Retirement to reference federal tax code sections 125, 132(f), 401(k), 403(b), 414(h), and 457 as amended, and excludes fringe benefits, insurance, unused leave, early retirement incentives, and certain ancillary employment payments.

Establishes annual salary compensation limits based on 26 U.S.C. 401(a)(17)(B) as in effect on August 1, 2013, adjusted for cost-of-living increases, with exemption for members whose participation began before July 1, 1996.

Updates benefit limitation provisions to reference Internal Revenue Code section 415 as amended for governmental plans, including provisions for increases in maximum dollar benefits and pro rata reductions when multiple plans are involved.

Modifies withdrawal provisions to allow direct rollovers to eligible retirement plans under IRC section 401(a)(31) as in effect on August 1, 2011.

Limits nonqualified service credit purchases under IRC section 415(n) to an aggregate of five years and permits eligible rollovers and trustee-to-trustee transfers from other retirement plans to purchase service credit.