teacher retirement

This is the new version of the Alaska Teacher Placement (ATP) forum for teachers, education majors, and school administrators to discuss working and living in the state of Alaska. Those considering an Alaskan job, or considering a new Alaskan education job ask questions, and those with information and/or opinions provide answers. Although many users are teacher or principal candidates from the Lower 48, a large number of current and former school district HR and school administrators subscribe.

Moderators: Johncn, Betty Walters, Toni McFadden, Damon Hargraves

teacher retirement

Postby redfox » Sun Nov 03, 2019 1:42 pm

Hello
I was wondering how retirement works for new teachers in Alaska. Can new teachers count on a pension in Alaska after retirement ? Do teachers worry about retirement running out when it's their turn?
Is retirement limited to what you and the district invest only?
redfox
 
Posts: 1
Joined: Wed Jul 25, 2018 4:07 pm

Re: teacher retirement

Postby Johncn » Mon Nov 04, 2019 6:29 am

Hello Red,

In short, Alaska has what they call their "Tier III" plan for all teachers hired after July of 2006. This is a defined-contribution or account-based plan. The retiree receives account contributions and investment earnings. Tier III includes a retiree medical benefit if the retiree meets age and service requirements. Retirees pay a percentage of the health care premium. There is "vesting", which ensures value.

The Alaska Teacher Retirement System (TRS) has a very good website here with the full details on the plan: http://doa.alaska.gov/drb/trs/

Here is a handy chart as a PDF: http://doa.alaska.gov/drb/pdf/trs/trstieri-iiichart.pdf

The chart compares benefits available under the different TRS tiers, including employee and employer contribution, vesting, benefit calculation, Alaska cost-of living increases, retirement medical coverage and disability benefits.

Hope this helps,

John
User avatar
Johncn
 
Posts: 263
Joined: Sun Feb 09, 2014 11:05 am


Return to ATP Forum

Who is online

Users browsing this forum: No registered users and 0 guests

cron