RETIREMENT TRS & PERS Defined Benefit Plan & Defined Contribution Plan

  • Public Employee Retirement System (PERS) and Teacher Retirement System (TRS) are the State of Alaska's retirement systems for government employees.

    Alaska Division of Retirement & Benefits, PERS & TRS

    State of Alaska Retirement 800-821-2251 or 907-465-4460

    http://doa.alaska.gov/drb  

     

     

                   

    TRS - The Teachers’ Retirement System - includes a defined benefit plan that is for government employees first hired on or before June 30, 2006 and a hybrid defined contribution plan that has some defined benefit components for employees first hired on or after July 1, 2006. Certificated employees working an FTE of .50 to 1.0 are covered for retirement benefits as outlined in the applicable statutes related to TRS. Both ASD and the employee make contributions to TRS. The Following employee groups are covered:

    • AEA
    • APA
    • ACE (certificated)
    • Exempt (certificated)
    • Non‐Represented (certificated)                                                                    

    PERS - The Public Employees’ Retirement System - includes a defined benefit plan that is for government employees first hired on or before June 30, 2006 and a hybrid defined contribution plan that has some defined benefit components for employees first hired on or after July 1, 2006. Classified employees who work at least 15 hours per week are covered for retirement benefits as outlined in the applicable statutes related to PERS. Both ASD and the employee make  contributions to PERS. The following employee groups are covered:· Totem

    • ACE (classified)
    • Local 71 (custodians)
    • Teamster Local 959 (student nutrition, bus, maintenance/warehouse)
    • Exempt (classified)
    • Non‐Represented (classified)
    • Certificated employees working an FTE of 0.40 to 0.49                          


    Defined Benefits Plan

    http://doa.alaska.gov/drb/programs/help.html
    For employees who first entered PERS or TRS prior to 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.


    Defined Contribution Plan

    http://doa.alaska.gov/drb/programs/help.html
    For employees who first entered PERS or TRS on or after July 1, 2006:
    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. The 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 Service. 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’ comfort level in the
    investment market.


    Or for more detailed information, visit the Benefits Support Central page on ASD’s Employee portal or

    ASD Retirement Specialist  Nan Yoon 907-742-4156.