ND House Votes to Bolster Teacher Pension FundBig contribution increases for North Dakota's teacher pension funds in the next four years have won approval in the state House.
By: Associated Press,
BISMARCK, N.D. (AP) — Big contribution increases for North Dakota's teacher pension funds in the next four years have won approval in the state House.
Representatives endorsed the plan, 60-30. The Senate has already voted on the same bill, so it will go to Gov. Jack Dalrymple shortly.
The proposal's critics argued Monday that pumping more money into the teachers' pension system won't solve its problems.
House Republican majority leader Al Carlson of Fargo says the pension is only about 70 percent funded. But he says a recovering stock market has helped things. Carlson wants more study of a proposal to close the teacher pension fund to newly hired teachers.
Grand Forks Rep. Mark Sanford says if the Legislature delays increasing contributions to the fund it will make the problem more expensive to solve.