Carol Dahlstrom, Hillsboro

After teaching 34 years in secondary ed in North Dakota, I drew my pension through the ND Teachers Fund for Retirement, (TFFR.) However, in the sixteen years since retiring, over 9,000 other retired educators and I have yet to receive a COLA (cost-of-living adjustment). In my case, that means the check I receive today is worth only 40% of when I started drawing. How many people, including legislators, would accept a 60% loss in pay over a decade and a half? Inflation in the last two years alone will reduce our pensions by double digits.

In the funds newsletter in 2012, retirees were chastised for not being patient enough in expectation of a COLA. Ten years later, and a more than doubling of equity markets, have we been patient enough?

After the 2008 market crash, with the fund showing future actuarial shortcomings, the legislature increased contribution rates for active teachers and districts to a combined 24.5%, and yet the three billion dollar fund still has not been able to pay even a modest COLA.

For the second legislative session in a row, lawmakers will add funds to the North Dakota Public Employees Retirement Fund (NDPERS), the sister fund to TFFR. Now it’s time for Legislators to step up and show respect for the value educators have provided for our youth and state.

In an August 24 story, Governor Burgum reported revenues for the biennium were 20.5% above forecasts. Quoting Burgum, “Bottom line, the state’s doing extremely well. It doesn’t make sense for the state to keep stockpiling more cash. We need to get it back into the hands of citizens.”

Any educator considering retirement, or any person considering education as a career, should be aware of what to expect from a pension in North Dakota which has not met expectations.