Alaska Retirement Systems

COMPARING THE ALASKA TEACHERS' RETIREMENT SYSTEM WITH THE ALASKA PUBLIC EMPLOYEES' RETIREMENT SYSTEM

This research compares selected provisions of the Alaska Teachers' Retirement System (TRS) with those of the Alaska Public Employees' Retirement System (PERS). The objective of this research is not to draw conclusions as to the superiority of one or the other of the state retirement systems. Rather, the objectives are simply to identify points of similarity and difference between the two systems, and to describe the character of the differences.

The TRS was established in 1955, while the PERS was established in 1961.1 Both the TRS and the PERS are characterized as employer systems.2 An employer system is one in which the employing organization is an intermediary between its employees and the pension organization.

Membership in the TRS is open to certificated public school personnel, the Commissioner of the Alaska Department of Education, certificated personnel of the Alaska Department of Education, teaching and administrative staffs of the University of Alaska, and personnel who teach Alaska Native language or culture.3 Alaska state legislators who were active TRS members

1Alaska Teachers' Retirement System, TRS Information Handbook (Anchorage, Alaska: A.T. Publishing, Inc., 1991), 1; Alaska Public Employees' Retirement System, PERS Information Handbook (Anchorage, Alaska: A.T. Publishing, Inc., 1990), 1.

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6 Neither the TRS nor the PERS permit individuals to receive benefit payments for any period of time that they may be reemployed by employers participating in the pension programs.27 Under both retirement programs, members earn additional service credits during such periods of reemployment. The TRS and the PERS have identical benefit time limits. To receive benefits, members must apply at least by prior to 1 July in the year following their 75th birthday, and within 50 years of the last date on which they were active members in the pension programs.28 Retirement Options The TRS provides three retirement optionsnormal, early, and joint and survivor.29 To these three options, the PERS adds a fourth optionlevel income.30 Normal retirement provides benefits without reduction from the benefit schedules. Early retirement with reduced benefits based on age on a schedule from age 55 to 59. The joint and survivor option permits members to assure that spouses will continue to receive benefits subsequent to a member's death. Spousal benefit levels may be established at 75 percent, 66.67 percent, or 50 percent of member benefits. 26Alaska Teachers', 28; Alaska Public, 25. 27Alaska Teachers', 29; Alaska Public, 27.

Category: Government - A