State Of Alaska Retirement And Benefits

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What Is The Alaska Homestead Exemption

New Employee Orientation – State of Alaska PERS

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.

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.

Alaskacare Retiree Health News

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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.

We Value Your Feedback!

As a State of Alaska retiree, your input is valued and important. Below, please see a list of ways to contact us with your feedback. Also, a full list of AlaskaCare health plan and partner contact information can be found on our website.

AlaskaCare Plan Administrator

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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.

State Of Alaska Division Of Retirement Benefits Employer

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State of Alaska Division of Retirement & Benefits

Employer On-Behalf/Legislative Relief. Payments Funding Relief Employer relief is determined by applying the relief amount to the employees gross salary. Relief is the difference between the Actuarially Determined Rate and the Employer Effective Rate.

Employer On-Behalf/Legislative Relief Funding Fiscal Year 2010 Employer Legislative Relief Applied to payroll end dates staring July 1, 2009 through June 30, 2010. Payrolls for this period must be received by our office no later than July 31, 2010. For fiscal year 2011 the cutoff will be July 15, 2011 to allow for a quicker turn around of the end of the year relief reporting to employers. The relief true-up will be completed in early August to adjust for any over or under usage of the legislative relief funding. Once complete the end of the year relief reporting will be sent to employers.

Employer On-Behalf/Legislative Relief Funding Fiscal year 2010 Public Employees Retirement System rates: Actuarially Determined Rate: 27. 65% Employer Effective Rate: 22. 00% Employer Legislative Relief: 5. 65% Relief Pension: 3. 60% Relief Healthcare: 2. 05% The PERS fiscal year 2010 actuarially determined rate is found in the June 30, 2007 actuarial valuation report located at http: //doa. alaska. gov/drb/pers/actuarial-valuation. html, page 3 of the report highlights.

True-up Tab Names & Social Security Numbers were removed for privacy.

Selecting the True-up Tab

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Alaska Teaching Salaries And Benefits

The Last Frontier of American education isn’t 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 Alaska’s various supporting programs, you’ll 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

State Of Alaska Retirment & Employee Benefits

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

    This Is The State Where Retirees Are Most Likely To Moveyour Browser Indicates If You’ve Visited This Link

    Many people also choose to move when they retire, and the state where retirees are most likely to move to is Tennessee. One consideration that may be a factor in the decision to move is the houses they have owned for decades may be too large because their children have moved away.

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    Public Pensions In Alaska

    This article does not contain the most recently published data on this subject. If you would like to help our coverage grow, consider donating to Ballotpedia.

    Alaska information
    Total cash and investment holdings: $13,691,129,000
    Number of state and local pension systems: 6
    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 August 2017.

    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 six public pension systems in Alaska as of 2016. Of these, four were state-level programs while the remaining two were administered at the local level. As of fiscal year 2016, membership in Alaska’s various pension systems totaled 36,706. Of these, 25,704 were active members.

    HIGHLIGHTS

  • In fiscal year 2016, total contributions of $625.1 million were made to Alaska’s state and local pension systems. Of this amount, $139.7 million came from employees.
  • In fiscal year 2016, Alaska’s state and local pension systems made payments totaling $1.3 billion.
  • As of fiscal year 2016, Alaska’s state and local pension systems held $13.7 billion in total cash and investment holdings.
  • 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.

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    Overview Of Alaska Retirement Tax Friendliness

    Alaska has no state income tax. That means the state doesnt tax Social Security retirement benefits or pension payments. Additionally, there is no state sales tax in Alaska and no estate or inheritance tax.

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    Annual Social Security Income
    Annual Income from Private PensionDismiss Annual Income from Public PensionDismiss
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    is toward retirees.
    Social Security income is taxed.
    Withdrawals from retirement accounts are taxed.
    Wages are taxed at normal rates, and your marginal state tax rate is %.
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      Jennifer Mansfield, CPA, JD/LLM-Tax, is a Certified Public Accountant with more than 30 years of experience providing tax advice. SmartAssets tax expert has a degree in Accounting and Business/Management from the University of Wyoming, as well as both a Masters in Tax Laws and a Juris Doctorate from Georgetown University Law Center. Jennifer has mostly worked in public accounting firms, including Ernst & Young and Deloitte. She is passionate about helping provide people and businesses with valuable accounting and tax advice to allow them to prosper financially. Jennifer lives in Arizona and was recently named to the Greater Tucson Leadership Program.

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    An Investment Boom Is Shrinking Alaskas Multibillion

    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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    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.

    Veterans Housing And Residential Loans

    Ak DRB: Section 1 – Intro to Defined Contribution Retirement Plan

    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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