Last Updated: November 2017
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Alaska Supplemental Annuity Plan
The State of Alaska discontinued its participation in the Federal Social Security System on December 31, 1979. In lieu of Social Security, the Alaska Supplemental Annuity Plan (SBS-AP) provides an alternative benefit plan. Participating in the Supplemental Annuity Plan is mandatory for all State employees, with the exception of Teachers, who are excluded from participating.
The SBS-AP is a defined contribution plan governed by section 401(a) of the Internal Revenue Code. Your contribution to the plan equals 6.13% of your gross pay up to the current Social Security maximum. Your contributions are deducted from pre-taxed income and are matched by the state. These contributions plus any change in value (interest, gains and losses) are payable to you or your beneficiary at a future date. Participants must be terminated to receive payments.
SBS Annuity is a participant-directed plan. This means you choose how the annuity is invested from the options offered by the plan. There are several investment options for this fund. The Division of Retirement and Benefits will mail you an information packet that will include a PIN to access your account online. You will also receive a quarterly statement of your contributions and interest.
For more detailed information about the SBS Annuity Plan, you can visit the Retirement & Benefits website.
Employees in retirement eligible positions who first entered the retirement system after June 30, 2006, are included in the Defined Contribution Retirement (DCR) Plan. More information about the DCR Plan may be found at http://doa.alaska.gov/drb/dcrp/index.html.
If you have previously worked in a retirement eligible position for the State of Alaska or another PERS or TRS employer, your plan is likely determined by that prior service. To find which plan applies to you, visit the "What Retirement Plan Am I In?" website.
Nonpermanent employees are not eligible to participate in the retirement plan.
Public Employees' Retirement System (PERS)
Employees in non-teaching positions become a member of the Public Employees' Retirement System (PERS) upon appointment to a permanent, partially exempt, or exempt position.
Employees who first enter service after June 30, 2006 are included in the PERS/TRS Defined Contribution Retirement (DCR) Plan.
Employees who first entered the PERS prior to July 1, 2006 are members of the PERS Defined Benefit (DB) Plan. Benefits consist of pension, medical, disability, and death benefits. More information about the PERS DB Plan may be found at http://doa.alaska.gov/drb/pers/index.html.
Teachers' Retirement System (TRS)
Full-time and part-time employees of the Department of Education and Early Development and the Department of Labor and Workforce Development (AVTEC) whose positions require they hold a valid Alaska Teaching Certificate are required to be members of TRS.
Employees who first enter service after June 30, 2006, are included in the PERS/TRS Defined Contribution Retirement (DCR) Plan.
Employees who first entered the TRS prior to July 1, 2006, are members of the TRS Defined Benefit (DB) Plan. Benefits consist of pension, medical, disability, and death benefits. More information about the TRS DB Plan may be found at http://doa.alaska.gov/drb/trs/index.html.
Employees in permanent and long-term nonpermanent positions are eligible to participate in the state's Deferred Compensation Plan. This optional plan allows eligible employees to put money aside for the future and reduce their taxable income at the same time. For more information on this tax deferral program, contact the Plan Administrator at the Division of Retirement & Benefits at (907) 465-4460 or visit the Deferred Compensation website.
Retirement & Benefits Seminars
The Division of Retirement & Benefits provides educational seminars regarding retirement and benefits plans. Information about these seminars can be found on the Division of Retirement & Benefits website.