Benefits

Public Employees' Retirement System

PERS:Benefits-eligible staff may participate in this state-sponsored retirement plan.

Teachers' Retirement System

TRS:This state-sponsored retirement plan is open to benefits-eligible faculty. Full-time administrative employees in positions requiring academic standing are also eligible, subject to the TRS administrator’s approval.

Optional Retirement Plan

ORP: Employees eligible to join ORP include University of Alaska faculty members, employees who are part of the officer/senior administrator job group and staff first hired on or after July 1, 2006.

Pension Plan

University of Alaska Pension Plan: Before July 1, 2006, all regular full-time and part-time faculty and staff were eligible for the UA Pension Plan. Employees initially hired on or after July 1, 2006 must select the Optional Retirement Plan to be eligible for this plan.

Tax-deferred Annuity

TDA: All employees may make contributions to a tax-deferred annuity, which is a supplemental retirement account.

Social Security/Medicare

Social Security:  All temporary employees, adjunct faculty and students not meeting credit load requirements are required to participate in Social Security. The university withdrew from the Social Security system on Jan. 1, 1982 so other employees do not participate. All employees hired after March 31, 1986, however, are required to contribute to the Medicare portion of Social Security.

When you work in a job not covered by Social Security, your future benefits could be affected. The Windfall Elimination Provision applies if you earned a pension (such as PERS, TRS or ORP) in any job where you did not pay Social Security taxes and you also worked in other jobs long enough to qualify for a Social Security retirement or disability benefit.

The Government Pension Offset applies to your Social Security spouse's or widow's or widower's benefits if you receive a pension (PERS, TRS or ORP) from a government job where you were not covered by Social Security.

More information is available at the Social Security web site.

Links of Interest

Statement Concerning Your Employment in a Job
Not Covered by Social Security


 

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