PERS Overview
|
Public Employees' Retirement System (PERS) Tier I, II, III |
Alaska Supplemental Annuity Plan (SBS-AP) |
| Participation |
Mandatory |
Mandatory |
| Plan Type |
Defined Benefit Plan |
Defined Contribution Plan |
| Vesting |
Vested in 5 years |
Immediately 100% vested |
| Employee contribution |
6.75% contributions by employee, 7.5% police/fire |
6.13% contributions by employee |
|
22% cost share |
6.13% contributions by employer |
| Who directs investments |
Alaska Retirement Management Board |
Investment choices made by employee |
|
Roll over eligible to a qualified plan, Lose employer contributions |
Roll over eligible to a qualified plan, employee/employer contributions, tax implications |
| Benefit Payment Options |
Lifetime retirement pension, inflation protection, health insurance if qualified |
Annuities - period certain or lifetime |
