Planning your retirement?
Are you planning to retire from the University of Alaska in the next year?
First, congratulations! UA Benefits is here to help make the transition as smooth as possible. Below are some items for consideration as you begin the next stage of your life.
Remember: UA is not authorized to provide any financial advice. Please work directly with your own personal financial consultant before making any determinations or taking any actions on your retirement plan(s).
1. Confirm your retirement plans
UA has multiple retirement plans available. Public Employees Retirement System (PERS) and Teachers Retirement System (TRS) are with the State of Alaska. The Optional Retirement Plan (ORP) is with the University of Alaska. If you are unsure what retirement plan you are in, login in to UAOnline > "Employee Dashboard "> "Benefits" > "Current Summary" > "Select."
- There are two levels of PERS and TRS:
- (1) Defined Benefit with PERS Tiers I, II, & III and TRS Tiers I & II, and
- (2) Defined Contribution with PERS Tier IV and TRS Tier III.
- If you are in a Defined Benefit plan, contact the State of Alaska Division of Retirement and Benefits as soon as you know your retirement date. They can be reached at 1-800-821-2251. They will
help with your application, service requirements, and any questions on your retirement.
- If you are in a Defined Contribution plan, contact Empower Alaska at 1-800-232-0859. They will help you with access paperwork, vesting requirements,
and any questions on your retirement.
- Each plan has specific waiting periods before you can access funds. Be sure to plan ahead so you are aware of when your employment salary stops and when your retirement salary can begin.
- Contact your fund sponsor(s). They will provide you with access paperwork for your accounts depending on the action
you would like to take.
- The ORP has a 45-day waiting period before funds can be accessed. During those 45 days, you must be fully separated from all service, including any temporary service. Be sure to plan ahead so you are aware of when your employment salary stops and when your retirement salary can begin.
Consider other accounts you may have
-
- UA Pension Plan
- Voluntary 403(b)
- Voluntary 457(b)
- Health Savings Account (HSA)
- Other employer accounts
- Any social security (no earnings through UA employment)
2. Schedule Meetings
In preparation for retirement, we recommend a series of meetings to fully understand both your retirement plan and how your benefits will change as you separate from service. We recommend starting these meetings no later than 90 days prior to your retirement. If you are retiring from a PERS or TRS plan, it is recommended you start this process even earlier.
Schedule a meeting with either the DRB, Empower, or your ORP fund sponsor (TIAA, Fidelity, Lincoln, Corebridge). They can assist you with the application process (if there is one) along with access paperwork depending on the action you would like to take on the account. If retiring from PERS/TRS, meet with the DRB and/or Empower as soon as you are able to ensure all paperwork is processed in time for your retirement.
UA Benefits will help you understand when your health care and any supplemental benefits stop, as well as any continuation options you may have on certain benefits.
Schedule a one-on-one with Elaine Ramos, our retirement specialist here.
3. Submit your intent to retire
When you have started the retirement process and have a final day selected, submit your intent to retire in writing to your supervisor, HRC, and UA Benefits (ua-benefits@alaska.edu). This will ensure that you are provided with all the information needed to begin the transition.
4. Review materials
Lastly, review all materials including, but not limited to, the following:
- UA's offboarding webpage
- PERS details
- TRS details
- Optional Retirement Plan details
- UA Pension Plan details
- What to consider when meeting with a financial advisor
- Meet with a member of the benefits team
- Check with TouchCare on access to Medicare
- Review vesting schedules
- Confirm your contact information
Emailed via benefits newsletter on 11/4/2025, 11/18/2025.
Published via UA News on 11/21/2025.
Contact Benefits: (907) 450-8242 | ua-benefits@alaska.edu | schedule one-on-one time