15-39.2-05. Benefits payable - Calculation

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. 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.