PERS/Supplemental Annuity Plan Comparison

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