PERS: Public Employees' Retirement System
Benefits-eligible staff may participate in this state-sponsored retirement plan.
TRS: Teachers' Retirement System
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.
ORP: Optional Retirement Plan
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.
TDA: Tax-deferred Annuity
All employees may make contributions to a tax-deferred annuity, which is a supplemental retirement account.
SSM: Social Security/Medicare
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.
Emeriti Health Solutions
The University of Alaska is currently reviewing the Emeriti program as an addition to ORP Tier 2 and 3. Emeriti would allow the university to offer ORP Tier 2 and 3 participants a tax-advantaged way to invest and accumulate assets during their working years to help pay for medical costs in retirement. Emeriti also provides a retiree health insurance options. More information about Emeriti can be found at http://www.emeritihealth.org/emeritihealth.htm (off-site). A short PowerPoint presentation is also available.
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