21-166 21-166 . . . Retirement Benefits Plan under which trustees and officers with 15 or more years of service receive annual retirement benefit based on percentage of average annual compensation for 36 months of service immediately preceding retirement. The amount of annual benefit ranges from 25% of such average annual compensation for 15 years of service to 75% for 25 or more years of service
North Dakota Retirement Benefits Plan
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US-CC-21-166
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Computation Years of ServiceWhat You ReceiveFirst 5 years of service1.5 percent of your high-3 average salary for each yearSecond 5 years of servicePlus 1.75 percent of your high-3 average salary for each yearFor all years of service over 10Plus 2 percent of your high-3 average salary for each year.
FERS is a retirement plan that provides benefits from three different sources: a Basic Benefit Plan, Social Security and the Thrift Savings Plan (TSP). Two of the three parts of FERS (Social Security and the TSP) can go with you to your next job if you leave the Federal Government before retirement.
Your contributions help fund the pension plan, guaranteeing monthly benefits for you and other retired teachers in the future. To qualify for this pension plan, you must first meet the following requirements: Age 65 with five years of service. Rule of 90 (your age and service years must add up to 90)
In conclusion, although North Dakota may not be as culturally rich as other states, it offers potential retirees a high quality of life, low cost of living, and a strong sense of community.
The primary income source for most retirees is Social Security or a pension. Other sources include investment income, full or part-time employment, and government programs designed to help supplement (or help you supplement) your retirement income.
A defined benefit plan promises a specified monthly benefit at retirement. The plan may state this promised benefit as an exact dollar amount, such as $100 per month at retirement.
The Social Security Retirement benefit is a monthly check that replaces part of your income when you reduce your hours or stop working altogether. It may not replace all your income so it's best to identify other ways to pay for your monthly expenses as you age.
You must work at least 5 years with the Federal Government before you are eligible for a FERS Federal Pension, and for every year you work, you will be eligible for at least 1% of your High-3 Average Salary History.
