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Alaska State Retirement And Benefits

State Of Alaska Retirment & Employee Benefits

New Employee Orientation – State of Alaska PERS

NOTE: Trust benefits are separate from those offered through the State of Alaska Division of Retirement and Benefits.

  • Complete a new W-4 Form to withhold the correct federal income tax from your pay. Consider completing a new W-4 Form whenever your personal or financial situation changes.
  • Find out how divorce affects your retirement benefits. The Divorce Before Retirement section of the website explains how retirement benefits are jointly owned by members and their spouses.
  • Update your Life Insurance and Retirement Benefits beneficiaries.
  • Update your mailing address, if you move.
  • The Address Authorization Change Form updates your address with the Division of Personnel.
  • Go to Address Changes to update your address with the Division of Retirement and Benefits.
  • Notify the State if you change your legal name. Contact your department Payroll/HR office.
  • Also Check: Estimating Taxes In Retirement Calculator

    Alaska Veterans & Pioneers Home

    The Alaska Veterans and Pioneers Home in Palmer strives to assist older Alaskans to have the highest quality of life by providing assisted living in a safe home setting which promotes independence, positive relationships, meaningful activities and physical, emotional and spiritual growth. Seventy-five percent of the 79 beds in the home are designated for veterans. Qualifying veterans are eligible for a per diem from the VA to help offset costs of their care.

    Honorably separated veterans, 65 or older who require assisted living care are eligible for admission. Veteran must have resided in Alaska for 1 year or more prior to application.

    Veterans Housing And Residential Loans

    The Alaska Housing Finance Corporation administers the Veterans Mortgage Program which offers financing for qualified veterans at low interest rates. Those on active duty may also qualify.

    Loans require little or no down payment and usually have lower interest rates interest. Qualified veterans can receive a 1% interest rate reduction on the first $50,000 of the loan amount. There are income limits.

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    This Search Uses The Five

    Each main plan type has more than one subtype. Some subtypes have five tiers of coverage. Others have four tiers, three tiers or two tiers. This search will use the five-tier subtype. It will show you whether a drug is covered or not covered, but the tier information may not be the same as it is for your specific plan. Do you want to continue?

    News Result For Alaska State Retirement Benefits

    Long Term Obligations Vary as a Share of State Resources
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    Cash And Investment Holdings

    See also: Pension data, U.S. Census

    Investments are a crucial part of the pension process. The goal is that, by investing pension contributions, the pensioner will receive more money when he or she retires than he or she and the employer were able to contribute. These investments are made in cash, short-term investments, securities like equities and bonds, or other assets. Cash investments are usually low-risk, short-term investments that have a lower rate of return than other types of investments. Other short-term investments are riskier than cash investments, but have the potential for greater returns. Securities can refer to stocks, bonds, or other types of financial certificates that hold some sort of financial value. As the values of these securities change, they can be traded to make a profit. While there are other applications of securities investments, this represents one of the most common practices.

    As of the fiscal year 2020, Alaska’s state and local pension systems held $15.7 billion in total cash and investment holdings. The table below summarizes pension system cash and investment holdings for Alaska and surrounding states. The columns labeled “Total cash and short-term investments” and “Total other investments” are subsets of the grand total. All dollar amounts displayed should be multiplied by 1,000 .

    Total cash and investment holdings in Alaska
    Year
    United States Census Bureau

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    Division Director Division Of Retirement And Benefits

    State of Alaska

    – Present5 years 10 months

    The division has approximately 120 personnel located in Juneau and Anchorage, and it provides services to more than 200 Alaskan employers located in communities throughout Alaska as well as more than 48,000 retirees who live all around the world. The division administers and provides recordkeeping and counseling services for: The Public Employees , Teachers , Judicial , National Guard and Naval Militia , and Elected Public Officers retirement systems the

    Alaskacare Retiree Health News

    Ak DRB: Section 7 – DCR Resources

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    COVID-19 Vaccine Information

    The COVID-19 vaccine is available to anyone living or working in Alaska age 16 or older at no cost.

    Do you have family or friends planning to visit Alaska this summer?

    • Beginning June 1, 2021, vaccines will be provided for anyone traveling to Alaska who chooses to be vaccinated. Read Governor Mike Dunleavys Administrative Order.

    Check availability with Alaska COVID-19 vaccine providers in your community covidvax.alaska.gov.

    Drug Recall Notice

    On April 29, 2021, Acella Pharmaceuticals announced a recall of varied lots of NP Thyroid tablets. Routine testing has found these lots to be sub potent, containing less than 90% of the labeled amount of liothyronine and/or levothyroxine .

    How do I know if I received the recalled medication?

    • Contact your pharmacy.

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    Pers Peace Officer/firefighter Planoccupational Death Benefits

    Members of PERS who die from occupational causes: The eligible survivor receives a monthly pension. It is the greater of 50% of the gross salary or 75% of the normal retirement benefit the member would have received at retirement. The member does not have to be vested to qualify for occupational death benefits. The spouse is automatically the designated beneficiary. If there is no eligible spouse, children equally divide the pension.

    Major medical insurance coverage is available to survivors who are receiving monthly PERS benefits and their dependents. This coverage ends when the benefit recipient dies or is no longer eligible to receive monthly PERS benefits.

    For reliable information on Alaska death benefits for public employees see the PERS handbook, pages 13-17.

    Access To Affordable Health Insurance

    There is no overarching health insurance plan provided by the Alaskan government to teachers, and is instead, left up to individual school districts. The exceptions to this are teachers employed by Mt. Edgecumbe high school, who have access to AlaskaCare.

    However, as part of the Alaska Teachers Retirement System, retirees are granted severalhealth insurance options. To be eligible for this health insurance plan, you must meet one of the following requirements:

    • Retirement after one year of service
    • Perform at least 30 years of service
    • Be eligible for Medicare and have 10 years of service
    • Be a surviving spouse of a participant
    • Be an eligible dependent of a surviving spouse

    Under this plan, for example, you would pay 20% of the cost of a prescription drug, with the insurance plan covering the remaining 80%.

    If you have more questions about retirement and health benefits in Alaska, explore more information about the Teachers Retirement System.

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    What Is The Alaska Homestead Exemption

    There is no statewide homestead exemption in Alaska, but many cities exempt seniors from paying property taxes on some or most of their homes value. In Anchorage, for example, persons age 65 or older can exempt up to $150,000 of their principal residence from property taxes. So seniors who own and live in a home worth less than $150,000 could pay no property taxes at all.

    An Investment Boom Is Shrinking Alaskas Multibillion

    Here

    The seal of the State of Alaska.

    The investment boom that fueled the Alaska Permanent Fund to record highs is also narrowing a multibillion-dollar gap in the states pension funds for public employees.

    As of June 30, the gap between assets and liabilities in the states two biggest pension systems was about $4.9 billion, and some parts of the Public Employees Retirement System and Teachers Retirement System are actually overfunded, according to figures published by state advisers.

    Seven years ago, the gap was about $12 billion, the result of bad advice from an actuarial firm that led to years of underfunding by state officials.

    The state has been gradually filling that gap with additional payments each year, but on Monday, the Alaska Retirement Management Board voted to significantly reduce those deposits.

    The change was driven by improved investment returns and a policy shift. The board voted to temporarily stop making extra payments to the trusts that pay retired teachers and public employees medical expenses.

    Added to previously planned rate reductions, the move will cut about $88.8 million in state spending. It must be approved by Gov. Mike Dunleavy and the Alaska Legislature before becoming final.

    The members of the board entered Mondays meeting expecting to make some reductions. They set contribution amounts annually, and when the funds investments perform well, contribution rates drop.

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    Applied Behavior Analysis Medical Necessity Guide

    The Applied Behavior Analysis Medical Necessity Guide helps determine appropriate levels and types of care for patients in need of evaluation and treatment for behavioral health conditions. The ABA Medical Necessity Guide does not constitute medical advice. Treating providers are solely responsible for medical advice and treatment of members. Members should discuss any matters related to their coverage or condition with their treating provider.

    Each benefit plan defines which services are covered, which are excluded, and which are subject to dollar caps or other limits. Members and their providers will need to consult the member’s benefit plan to determine if there are any exclusions or other benefit limitations applicable to this service or supply.

    The conclusion that a particular service or supply is medically necessary does not constitute a representation or warranty that this service or supply is covered for a particular member. The member’s benefit plan determines coverage. Some plans exclude coverage for services or supplies that Aetna considers medically necessary.

    Please note also that the ABA Medical Necessity Guide may be updated and are, therefore, subject to change.

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    HIGHLIGHTS

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    Alaska Marine Highway System

    A reduced fare pass is available for travel on Alaska Marine Highway System vessels for veterans having a service-connected disability. The pass entitles the veteran and an attendant to travel at half price. Reduced fare does not include vehicle or stateroom. The pass is valid for travel between Alaskan ports, year-round.

    Public Pensions In Alaska

    Ak DRB: Section 1 – Intro to Defined Contribution Retirement Plan
    Total cash and investment holdings: $15,719,434,000
    Number of state and local pension systems: 7
    Actuarial value of assets
    Unfunded actuarial accrued liability
    Annual required contribution
    Rate of return Active member
    Inactive member OPEB
    Hover over the aboveterms for definitions.
    Note: This page utilizes information from a variety of sources. The information presented on this page reflects the most recent data available as of March 2022.

    Alaska public pensions are the state mechanism by which state and many local government employees in Alaska receive retirement benefits.

    According to the United States Census Bureau, there were 7 public pension systems in Alaska as of 2020. Of these, five were state-level programs while the remaining two were administered at the local level. As of fiscal year 2020, membership in Alaska’s various pension systems totaled 81,424. Of these, 19,569 were active members.

    HIGHLIGHTS

  • In fiscal year 2020, total contributions of $819.2 million were made to Alaska’s state and local pension systems. Of this amount, $116.4 million came from employees.
  • In fiscal year 2020, Alaska’s state and local pension systems made payments totaling $1.5 billion.
  • As of fiscal year 2020, Alaska’s state and local pension systems held $15.7 billion in total cash and investment holdings.
  • See the sections below for specific information on pension systems in Alaska:

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    Alaska Supreme Court Restores Access To Public Employee And Teacher Retirement Benefits

    The Alaska Supreme Court says the Legislature violated the state constitution when it arbitrarily limited when some public employees could return to work and resume making retirement contributions. The decision provides a second chance for many as 78,000 Alaskans to get back into the states coveted and most generous retirement plan.

    I was very pleased to learn that on Friday, the Supreme Court reaffirmed the Constitution, that its not constitutional for the legislature to try just, by legislation, overcome a promise in the Constitution, said Peter Metcalfe of Juneau, who brought the suit.

    Metcalfe had brief stints working for the state in 1972 and 1980 and qualified for what later was known as Tier I in PERS, or the Public Employees Retirement System. Tier I was the golden ticket for public employees in Alaska maybe in the country at the time.

    It was a defined benefit retirement plan which included guaranteed income for life for a retired employee. It included inflation and cost-of-living adjustments, and medical coverage for a public employee or teacher and their dependents when they retired as soon as age 50.

    RELATED: Click to view PERS Plan Comparison Chart courtesy of Division of Retirement and Benefits

    In 2005, the Legislature shut all of that down. They closed the first three tiers of PERS and TRS, the Teachers Retirement System, to new members. They created a new defined contribution retirement plan, referred to as Tier IV with less generous benefits.

    Alaska Teaching Salaries And Benefits

    The Last Frontier of American education isnt nearly as hardened and tough as the reputation surrounding Alaska suggests. While the state may be known for its resilient people and rugged environment, Alaskans still understand the need to provide their teachers with the support they require to live successful lives.

    Teachers employed in the state of Alaska gain access to a host of retirement and health insurance benefits that ensure they remain healthy and conclude their careers in relative wealth. With help from Alaskas various supporting programs, youll not only be taken care of during your career, but throughout your future retirement as well.

    Learn more about becoming a teacher. Contact schools offering teacher education/certification programs in Alaska.

    Teacher Salaries in Alaska by Education

    As teachers further their educations and gain experience in the field, they receive pay increases that reflect their dedication and hard work. The following are some examples of salaries you can expect in Alaska:

    Experience

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