457(b) plan overview and account access
About Empower Retirement and the 457(b) plan
ASD's 457(b) plan is a supplemental retirement savings account that allows eligible employees an opportunity to make pre-tax investments in a variety of mutual funds and one fixed income option. Plan features:
- Reduced taxable income through pre-tax contributions
- Tax-deferred earnings on plan contributions
- The likelihood of paying less tax on assets as distributions usually occur during retirement, when an employee may be in a lower tax bracket
- After separation of service, there is no 10 percent early withdrawal penalty
Empower Retirement Services
Empower Retirement Services is the sole bundled services provider for the district’s 457(b) plan. Empower Retirement also administers the State of Alaska PERS/TRS defined contribution retirement plans. Please note that the district’s 457(b) plan explained here is an entirely separate program.
A representative from Empower Retirement Services is available to discuss the plan and investment options. Call for an appointment:
301 W. Northern Lights Blvd., Suite 406
Open a new account, transfer an existing plan or change salary contributions
Eligible employees should have the following information readily available to enroll:
- The amount you wish to contribute per regular pay period
- How you wish to distribute your plan contributions
- Personal information such as your address and Social Security number
Setting up a new account
There are two options for obtaining a PIN to establish and access your Empower Retirement account online:
- By phone: instant access 5 a.m. - 5:30 p.m., Alaska time
Call Empower Retirement at 800-232-0859 to get a PIN that is valid for 24 hours
- Online: your PIN should arrive by U.S. mail within 7-10 business days
- Go to the Empower Retirement website
- Under “Plan Participants” on the right side of the screen, click on “Forgot your PIN?”
- A new window will open. On the right side of the screen click on the button labeled “Order PIN”
- A new window will open. Type your Social Security number in the box labeled “SSN” and click on the button labeled “Order reminder PIN.”
- Another window will open. Write down or print the screen with the confirmation number on it.
After you have your PIN:
- Go to the Empower Retirement website
- Under “Plan Participants” on the right side of the screen, click on “Don’t have a Username? Register here."
- Enter your Social Security Number in the box labeled “SSN” and your personal identification number in the box labeled “PIN.”
- You should now have access to the Empower Retirement site and can enroll online.
Transfer an existing 457(b) account
Employees may transfer or rollover funds from other qualified 457(b) plans into the district’s plan with Empower Retirement. Those who choose to transfer their funds to Empower Retirement must complete a transfer form. Check with your current vendor to see if fees apply.
Change contribution amount
Employees can change the amount they contribute to the plan using the Empower Retirement website or by submitting a Salary Deferral Agreement form to the ASD Payroll Department.
No Internet access?
Employees may visit the ASD Benefits Office at the ASD Education Center or call Great-West in Anchorage at 276-1500 for enrollment forms. Mail the forms to the locations listed or fax to 907-276-1510. After the enrollment has been processed, the account can be managed online or by phone.
Manage your account online or by phone
A PIN is required to manage your account online or by phone. See instructions under setting up a new account for obtaining a new PIN.
Log on to https://participant.empower-retirement.com/participant/ to access your account and user features.
Call 800-232-0859 to access the automated phone system:
- Review your investment allocations
- Obtain your account balance and other account information
- Transfer among funds
- Obtain daily share prices of your investment options
- Access live client service support Monday through Friday from 5 a.m. to 5:30 p.m. Alaska Time. Access may be limited during peak times.