Retirement Plans and Information
*NEW* Bona Fide Termination Rule
The State of Alaska has changed what it means to be terminated from employment for retirees under PERS and TRS. This could affect you and your retirement. Click here for more information.
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 between July 1, 2006 and June 30, 2015. Staff hired July 1, 2015 and later are not eligible for the ORP.
University of Alaska Pension Plan: Employees initially hired between July 1, 2006 and June 30, 2015 must select the Optional Retirement Plan to be eligible for this plan.
TDA: All employees may make contributions to a tax-deferred annuity, which is a supplemental retirement account.
Social Security: UA employees who are not eligible for university or state-sponsored retirement plans, i.e., 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. Temporary employees who are eligible for or are receiving PERS, TRS, or ORP benefits are exempt from Social Security. 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