14 02, 2024

Faced with recruiting crisis, Alaska mulls reopening of 2 pension plans

2024-02-14T10:02:21-08:00February 14th, 2024|Categories: Pension Funding|Tags: , |

By Rob Kozlowski Source: Pensions & Investments Nearly two decades after the Alaska Legislature closed the state's two defined benefit plans for public employees and teachers, the state is closer than ever to reopening those plans as it faces a recruitment and retention crisis for general employees, teachers and public safety officials. While the bill has passed the Alaska Senate, expectations are muted regarding its chances in the conservative-controlled House of Representatives due to concerns about costs, although an [...]

31 01, 2024

Alaska Senate passes new pension program for state employees, but final approval is in question

2024-02-02T14:05:16-08:00January 31st, 2024|Categories: Defined Benefit Plans|Tags: , , |

By James Brooks Source: Alaska Beacon The Alaska Senate on Wednesday approved legislation to revive a pension program for state employees, an act that could bring new benefits to as many as 37,000 Alaskans and is intended to ease a chronic employee shortage at state agencies. Alaska has been without a public-employee pension program for new workers since 2006, when the Alaska Legislature abolished it in favor of a 401(k)-like program in which benefits are not guaranteed. Subsequent data [...]

13 06, 2023

How different types of pension plans impact employee recruitment, retention

2023-06-16T10:36:03-07:00June 13th, 2023|Categories: 401(k)|Tags: , |

Source: Benefits Canada When Alaska switched its public education employees from two defined benefit pension plans to a 401(k)-style defined contribution plan, more staff left their positions, according to a new report by the National Institute on Retirement Security. The report benchmarks retirement benefit offerings among state-level plans in Alaska and nationwide, analyzing the evolution of public pension plans since the 2008/09 financial crisis. In 2005, the Alaska legislature voted to close its two statewide DB plans for teachers and [...]

7 06, 2023

NIRS to hold webinar on Alaska’s experience moving public employees from pensions to defined contribution plans

2023-06-07T13:00:40-07:00June 7th, 2023|Categories: Retirement|Tags: , , |

Source: National Institute on Retirement Security Please join us for a webinar on Monday, June 12, 2023, at 2:00 PM ET, Alaska's Experience Moving Public Employees from Pensions to Defined Contribution Plans. Click here to register. In 2005, Alaska closed its two statewide defined benefit pension plans for teachers and public employees. Since July 1, 2006, all new Alaska hires participate in a defined contribution plan rather than a pension plan. The retirement plan change has had the unintended [...]

28 04, 2023

Alaska Teacher Recruitment and Retention Study: Options and Analysis Supporting Retirement Plan Design

2023-05-03T13:42:44-07:00April 28th, 2023|Categories: Retirement|Tags: , |

Source: National Institute on Retirement Security A report delivered to the Alaska Department of Education reviews the impacts of various retirement benefit offerings on the recruitment and retention of Alaska’s public education employees. Alaska Teacher Recruitment and Retention Study: Options and Analysis Supporting Retirement Plan Design, finds that switching Alaska’s public employees from defined benefit pension plans to 401(k)-style defined contribution accounts resulted in more public educators leaving their positions. The research comes as teacher shortages plague Alaska and [...]

10 03, 2023

Alaska Bill Seeks to Revive Defined Benefit Pension

2023-03-13T11:54:15-07:00March 10th, 2023|Categories: Defined Benefit Plans|Tags: , |

Source: Chief Investment Officer State senators in Alaska have introduced a bipartisan bill that would create a new defined benefit pension system for state employees as a way help address a nearly 20% vacancy rate for state jobs. Alaska’s previous defined benefit retirement system was abolished by state legislators in 2006 and replaced with a defined contribution plan. Senate Bill 88 would restore a defined benefit plan for new workers and allow current employees to choose between the new [...]

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