alaska – CORPaTH

13 06, 2023

How different types of pension plans impact employee recruitment, retention

CORPaTH2023-06-16T10:36:03-07:00June 13th, 2023|Categories: 401(k)|Tags: 401(k), alaska|

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

CORPaTH2023-06-07T13:00:40-07:00June 7th, 2023|Categories: Retirement|Tags: alaska, DB Plans, DC Plans|

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

CORPaTH2023-05-03T13:42:44-07:00April 28th, 2023|Categories: Retirement|Tags: alaska, public education employees|

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

CORPaTH2023-03-13T11:54:15-07:00March 10th, 2023|Categories: Defined Benefit Plans|Tags: alaska, alaska senate bill 88|

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 [...]