Retirement Benefits

PERS (Public Employee Retirement System)

Classified employees who work at least 15 hours per week are covered for retirement benefits as outlined in the applicable statutes related to PERS. The district and the employee make contributions to PERS. The following employee groups are covered:

TRS (Teacher Retirement System)

Certificated employees, FTE 50 percent to 100 percent, are covered for retirement benefits as outlined in the applicable statutes related to TRS. The district and the employee make contributions to TRS. The following employee groups are covered:

Working in a TRS position may affect your Social Security Benefits

Many factors go into determining your Social Security eligibility and benefits. The information in this section comes from Social Security publications explaining how a retirement benefit that you receive from the TRS can reduce any Social Security benefits for which you are qualified.

If you worked for a federal, state, or local government where you did not pay Social Security taxes, the pension you receive from that agency may reduce any Social Security benefits for which you are qualified. Your benefit can be reduced in one of two ways. One is called the “government pension offset” and applies only if you receive a government pension and are eligible for Social Security benefits as a spouse or widow(er). For more information on the offset, ask Social Security for the fact sheet, Government Pension Offset (Publication No. 05-10007).

The other way your benefit can be reduced is if you work for an employer who doesn't withhold Social Security taxes, such as the State of Alaska. Your TRS benefit may reduce your Social Security benefits. The “windfall elimination provision” affects how your retirement or disability benefits are figured if you receive a pension from work not covered by Social Security. The formula used to figure your benefit amount is modified, giving you a lower Social Security benefit. The Social Security fact sheet, A Pension From Work Not Covered By Social Security (Publication No. 05-10045) explains this provision.

Workers with relatively low pensions are protected because the reduction in the Social Security benefit under the modified formula cannot be more than one-half of that part of the pension attributable to earnings after 1956 not covered by Social Security.

For more information

You can get recorded information 24 hours a day, including weekends and holidays, by calling Social Security’s toll-free number, (800) 772-1213. You can speak to a service representative between the hours of 7 a.m. and 7 p.m. on business days. The lines are busiest early in the week and early in the month, so, if your business can wait, it’s best to call at other times. Whenever you call, have your Social Security number handy.

People who are hearing impaired may call the toll-free “TTY” number, (800) 325-0778, between 7 a.m. and 7 p.m. on business days.

You also can reach the Social Security Administration on the Internet. Type www.ssa.gov to access Social Security information.

Plans

Defined Benefits Plan		Defined Contribution Plan
For employees who first entered PERS or TRS prior to July 1, 2006		For employees who first entered PERS or TRS on or after July 1, 2006
The defined benefit plan is designed to offer a lifetime monthly benefit once retirement eligibility is reached. Retirement benefit from the plan, provided you do not refund your contributions, will be determined by a formula defined in statute. Unlike a defined contribution account, the benefit is not based on the amount of money in the contribution account, but rather on years of service with the retirement system. PERS Defined Benefits Plan Comparison Chart » PERS online » PERS Handbook » TRS Defined Benefits Plan Comparison Chart » TRS Handbook » (PDF) TRS online »		The Alaska PERS/TRS Defined Contribution Retirement Plan is a defined contribution plan governed by section 401(a) of the Internal Revenue Code. A portion of the employee's wages and an employer contribution are made to this plan pre-tax. These contributions, plus any changes in value (interest, gains and losses), minus any plan administrative fees or other charges are payable to the employee or their beneficiary at a future date. The PERS/TRS DCR Plan is a participant-directed plan with investment options offered by the plan. As part of the plan, the participant will be automatically enrolled with Great West Retirement Services. The providers of the investment options were selected by the Alaska Retirement Management (ARM) Board. The DCR Plan provides the option of selecting a retirement planning strategy based on the participant's comfort level in the investment market. PERS Defined Contribution Plan Chart » TRS Defined Contribution Plan Chart » TRS/PERS online »

Contact Information

Alaska Division of Retirement and Benefits
http://doa.alaska.gov/drb/
1-800-821-2251 or 907-465-4460

Pre-Retirement Services
E-mail: doa.drb.preretirementservices@alaska.gov
Assists members who have not applied for and are not receiving retirement benefits. Services include providing information regarding claiming service, service correction, vesting, retirement eligibility, estimates of future benefits, and other general plan information.

Retirement Processing
E-mail: doa.drb.retirementprocessing@alaska.gov
Assists members who are eligible and wish to commence their retirement benefits. Services include providing retirement packets to members, receipt of retirement applications, calculation of retirement benefits, and providing information regarding the status of retirement applications.

Divorce/Dissolution Unit
E-mail: doa.drb.gdro@alaska.gov
Assists members with claims under divorce, dissolution, and qualified Domestic Relations Orders.

Disability/Appeals Unit
E-mail: doa.drb.disability@alaska.gov
Assists members with claims for retirement disability benefits and appeals before the Retirement Boards.

Death Benefits Units
E-mail: doa.drb.survivorbenefits@alaska.gov
Assists members, survivors, and/or beneficiaries regarding death benefits available when a member dies.

Accounting Section
E-mail: doa.drb.accountingsection@alaska.gov
Responsible for maintaining member accounts in each of the defined benefit plans administered by the Division of Retirement and Benefits. Also handles refunds of member accounts.
Ending employment - When you end employment, you may request a refund by filling out the Refund Election form: Defined Benefit Plan or Defined Contribution Plan
Pre Tax Indebtedness Payment Options - In order to start this process, you must contact the Accounting Section of the Division of Retirement & Benefits. A person will be assigned to handle the details related to your particular situation. You and your employer can NOT independently initiate this process.

Great West Retirement Services (DCR questions)
www.gwrs.com
1-800-232-0859

Members of the Defined Contribution Plan can contact Great West customer service at the number above to inquire about current interest, current unit values or share prices, current account balance by fund, current fund allocation, and recent transaction history.

 

Anchorage School District
Retirement Specialist, Nan Yoon, 907-742-4156
Benefits Office, 907-742-4200