North Dakota Teachers Fund For Retirement
| North Dakota Teachers Fund For Retirement (TFFR) | |
 | |
| Basic facts | |
| Location: | Bismarck, North Dakota |
| Top official: | Rob Lech, president |
| Year founded: | 1913 |
| Active members: | 11,766 |
| Website: | Official website |
| Total assets under management | |
| 2023: | $3,259,558,143 |
- See also: Public pensions in North Dakota
The North Dakota Teachers Fund For Retirement (TFFR) is a North Dakota state pension fund that provides retirement, disability, and survivor benefits to those employed by a public school or state institution in a position defined as a teacher, according to the plan handbook. TFFR had $3,259,558,143 ($3.3 billion) in total assets under management as of July 1, 2023.[1]
The management of public pension funds can indicate support or opposition to environmental, social, and corporate governance (ESG) investment practices. ESG investing considers the extent to which corporations align with and promote certain non-financial standards, such as net carbon emission or corporate board diversity goals. States typically hire asset management companies (AMCs) to direct pension plan investments, some of which have ESG commitments that guide their strategies.
This article features the following sections:
- Background: Information about the structure and functions of TFFR.
- Pension performance overview: Overview of the funding level and assets managed by TFFR.
- Assets and asset management: Information about the asset management companies (AMCs) that contract with TFFR, including a list of contracting AMCs that are participants in the Net Zero Asset Managers Initiative and the Climate Action 100+ initiative.
- Governance and accountability: Details about the TFFR's oversight board, including members and selection.
Background
- See also: Public pensions
The North Dakota Teachers Fund For Retirement (TFFR), founded in 1913, invests the assets of and provides funding for those employed by a public school or state institution in a position defined by the state as an educator. The plan is a qualified defined benefit plan funded by employee contributions, employer contributions, and investment earnings.[2]
TFFR served over 11,766 active members and approximately 9,615 retirees and beneficiaries as of March 2024.[2]
Pension performance overview
The following table features information about the funding level and assets managed by the North Dakota Teachers Fund For Retirement as of July 1, 2023:[1]
| North Dakota Teachers Fund For Retirement pension performance (July 1, 2023) | |||
|---|---|---|---|
| Fiscal year | Percent funded | Unfunded liabilities | Total assets[3] |
| 2023 | 71.21% | $1,317,662,524 | $3,259,558,143 |
Assets and asset management
| Environmental, social, and corporate governance |
|---|
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| • What is ESG? • Enacted ESG legislation • Arguments for and against ESG • Opposition to ESG • Federal ESG rules • ESG legislation tracker • Economy and Society: Ballotpedia's weekly ESG newsletter |
Asset management companies (AMCs) are hired to manage investment assets for state pension funds across all 50 states.
The Net Zero Asset Managers Initiative (NZAM) suspended operations in January 2025 and relaunched in February 2026 with more than 250 signatories under a revised commitment statement that removed its prior net-zero deadline requirement.[4]
As of October 2024, 391 AMCs were investor participants in the Climate Action 100+ initiative, which aims to align investor engagement with companies toward the goal of net zero greenhouse gas emissions by 2050.[5]
List of AMCs contracting with the North Dakota Teachers Fund For Retirement
The North Dakota Teachers Fund For Retirement (TFFR) contracted with 60 asset management companies (AMCs) or specific funds as of December 31, 2021. Of those companies, eight were investor participants in Climate Action 100+, and 14 were members of NZAM, as of 2024. The following list identifies the AMCs (and in some cases, the specific funds) contracting with the XPLAN NAMEX:[6]
- Adams Street 2008 Non-US Partnership Fd
- Adams Street 2015 Global Fund
- Adams Street 2016 Global Fund
- Adams Street 2017 Global Fund
- Adams Street 2018 Global Fund
- Adams Street 2019 Global Fund
- Adams Street 2020 Global Fund
- Adams Street 2021 Global Fund
- Adams Street Direct Co-Investment Fund 2006
- Ares ND Credit Strategies
- Atlanta Capital Small Cap Equity Fund
- Axiom Emerging Markets Equity Fund (3) (Climate Action 100+)
- Blackrock PEP (NZAM, Climate Action 100+)
- Blackrock PEP 2020 Series (NZAM, Climate Action 100+)
- Cerberus ND Private Credit Fund
- Declaration Total Return Bond Fund (3)
- DFA Emerging Markets Small Cap Portfolio
- DFA Intl. Small Cap Value Portfolio (3)
- Epoch Global Choice (Climate Action 100+)
- Grosvenor Customized Infrastructure Strategies III (3)
- Grosvenor Customized Infrastructure Strategies, II (3)
- Grosvenor Customized Infrastructure Strategies, LP (3)
- GS Mezzanine Partners 2006 Offshore, L.P. (3)
- GS Mezzanine Partners V Offshore, L.P. (3)
- Invesco Asia Real Estate Fund III, L.P. (3) (NZAM)
- Invesco Core Real Estate - U.S.A., L.P. (NZAM)
- Invesco Real Estate Fund III, LP (3) (NZAM)
- Invesco U.S. Value-Add Fund IV, L.P. (3) (NZAM)
- Invesco U.S. Value-Add Fund V, L.P. (3) (NZAM)
- ISQ Global Infrasctructure Fund II (3)
- ISQ Global Infrasctructure Fund III (3)
- JP Morgan Greater Europe Opportunistic Property Fund (3) (NZAM)
- JP Morgan Infrastructure Investments Fund (IIF) (NZAM)
- JP Morgan Strategic & Special Situation Property Blend (NZAM)
- LA Capital 60% Large Cap/40% Large Cap Active Extension
- LA Capital Large Cap Growth
- Loomis Sayles High Yield
- LSV Global Value Equity
- Macquarie Infrastructure Partners IV (3) (NZAM, Climate Action 100+)
- Macquarie Infrastructure Partners V (3) (NZAM, Climate Action 100+)
- NTAM - MSCI World ex-US Index
- NTAM - Quant Enhanced S&P 500
- Other Miscellaneous Funds
- Parametric/Clifton Group Enhanced S&P 500
- PIMCO BRAVO II (3)
- PIMCO Core Plus Constrained
- PIMCO Distressed Senior Credit Opportunities II
- Prudential Core Fixed Income
- Riverbridge Small Cap Growth
- Rohatyn Group Asian Infrastructure & Related Resources
- Sixth Street Partners - TAO
- State Street Long U.S. Treasury Index NL Fund (NZAM)
- Sycamore Small Cap Value
- TIR Springbank, LLC
- TIR Teredo Timber, LLC
- Total Adams St-Brinson Non-US Partnership Funds 1999-2004
- Total Adams St-Brinson Partnership Funds 1998-2003
- Total Adams Street 2010 Funds
- Wellington International Small Cap Opportunities (NZAM, Climate Action 100+)
- William Blair International Leaders (Climate Action 100+)
Governance and accountability
This section features information about the seven-member board of trustees that oversees the North Dakota Teachers Fund For Retirement (TFFR). The board is specific to oversight of TFFR and does not exercise oversight duties for other state funds.[7]
Board selection method
The board of trustees that oversees the North Dakota Teachers Fund For Retirement is made up of seven members. The board consists of the state treasurer, the state superintendent of public instruction, and five governor-appointed members, including one active school administrator, two active elementary or secondary teachers, and two retired members. Each trustee serves a five-year term on the board.[7]
Board of trustees membership
A seven-member board of trustees oversees the operation and administration of the North Dakota Teachers Fund For Retirement. The following individuals served on the board as of March 2024:[7]
- Rob Lech, president
- Jordan Willgohs
- Cody Mickelson
- Mike Burton
- Scott Evanoff
- Kirsten Baesler
- Thomas Beadle
See also
- Public pensions in North Dakota
- Environmental, social, and corporate governance (ESG)
- Arguments about environmental, social, and corporate governance (ESG)
- Opposition to environmental, social, and corporate governance (ESG) investing
- Reform proposals related to environmental, social, and corporate governance (ESG)
- State legislative approaches opposing ESG investing
- State legislative approaches supporting ESG investing
External links
Footnotes
- ↑ 1.0 1.1 North Dakota Retirement and Investments Office, "North Dakota Teachers’ Fund for Retirement Actuarial Valuation Report as of July 1, 2023," March 19, 2024.
- ↑ 2.0 2.1 North Dakota Retirement and Investment Office, "TFFR Member Handbook," March 19, 2024.
- ↑ Note: By default, this refers to the actuarial valuation of total assets. In some cases, the total market value of assets is shown instead. See the cited source for details.
- ↑ Reuters, "Investor climate group relaunches with looser rules but fewer US members", February 25, 2026
- ↑ Climate Action 100+, "The Three Goals," accessed June 20, 2023
- ↑ Ballotpedia, "Ballotpedia: Asset management data for state-administered pension funds across the 50 states," March 2023
- ↑ 7.0 7.1 7.2 North Dakota Retirement and Investment Office, "Teachers' Fund for Retirement (TFFR) Board," March 19, 2024.
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