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PERS Newsbreak:
June 2021 Issue 124

June 30, 2021

Friendly Reminder to Update Your Beneficiary Forms

One of the most important things you can do for your retirement benefits is keep your beneficiary forms up-to-date. It is one aspect that is constantly overlooked. When is the last time you updated yours?

Important Reasons to Update your Beneficiary Form

  • A change in marital status
  • Birth or adoption of a child
  • Death of a loved one
  • Beneficiary move
  • Beneficiary name change
In the event of your passing, we must be able to locate your beneficiaries in order to pay them your death benefits. Correct and updated information on file can ensure this process is done in a timely manner and sent to the correct person. Without the up-todate information on file, this may cause unwanted hardship and a delay in the processing of your benefits.

A trust or will does not take the place of a designated beneficiary form. If you update your will, you must update your beneficiary forms as well. Please note, you can name a trust as a beneficiary, but not a will. Please submit a copy of the trust along with the beneficiary form if you do decide to name a trust as a beneficiary. Any changes made to the trust after it has been accepted will not be valid unless you submit a new copy and a new beneficiary form.

Keeping up-to-date beneficiary information on all your accounts is easy to do and only takes a few minutes. Most importantly, you can feel confident that your loved ones will receive the assets you intend for them without delay.

Depending on your employer, your date of hire, and the plans in which you have elected to participate, you may be enrolled in numerous plans administered by the Division of Retirement and Benefits (Division) which may require beneficiary updates.

Update Beneficiary Forms On All Your Accounts

Where to update your beneficiaries:

  • PERS Defined Benefit Plan (Tiers I, II, III)
  • PERS Voluntary Savings Plan (Tiers I, II, III)
  • TRS Defined Benefit Plan (Tiers I and II)
  • Retiree Optional/Select Life Insurance
Updates for the above plans are made by paper form, which can be found on the Division’s website at Alaska.gov/drb. From the drop down “Resources”, click “Beneficiary Forms”.

State of Alaska employees, do not forget to update your Designation of Beneficiary for Unpaid Compensation form.

Benefit Focus (Voluntary Benefits)

  • Active Members Basic/Select Life Insurance
  • Voluntary Supplemental Life Insurance
  • Accidental Death and Dismemberment

The previously listed plans must designate and update their beneficiaries on the Benefit Focus website at secure3-enroll.com/go/bfi .

After logging in, you can update your beneficiaries by clicking on the “Benefits” section. For assistance, please call (844) 939-0543.

Empower Retirement

  • State of Alaska Deferred Compensation Plan (DCP)
  • Supplemental Annuity Plan (SBS)
  • PERS Defined Contribution Retirement Plan Account (DCRP)
  • TRS Defined Contribution Retirement Plan Account (DCRP)

New State and Political Subdivision employees need to designate beneficiaries with Empower Retirement a week after their first payroll.

To review or update your beneficiaries for the plans referenced above, please log in to your account at akdrb.com . Click “Account”, choose the applicable plan, click “Account Overview”, and then click “Beneficiaries”. For assistance, please call Empower Retirement at (800) 232-0859.

Have You Recently Added a Dependent or Did You Lose a Dependent?

Active Members

In the event of a marital status change or the birth or adoption of a child:

  • Notify Human Resources of your status change.
  • Update your health plan dependents.
  • Update health and/or voluntary benefit elections.
  • If you experience a divorce or dissolution, submit divorce documents to the Division.
  • Update all beneficiary forms as needed.

In the event of a deceased dependent:

  • Notify Human Resources of your status change.
  • Update your health plan dependents.
  • Update your health, and/or voluntary benefit elections.
  • Notify the Division and submit death certificate.
  • Update all beneficiary forms as needed.

Retired Members

In the event of a marital status change or the birth or adoption of a child:

  • Notify the Division of your status change.
  • Update your health plan dependents.
  • Update health, dental-vision-audio, and/or long-term care benefit elections.
  • If you experience a divorce or dissolution, submit divorce documents to the Division.
  • Update all beneficiary forms as needed.

In the event of a deceased dependent:

  • Notify the Division and submit death certificate.
  • Update your health plan dependents.
  • Update your health, life, dental-vision-audio, and/or long-term care benefit elections.
  • Update all beneficiary forms as needed.

As a friendly reminder—when updating beneficiaries, keep in mind other accounts in your estate, such as life insurance plans, IRAs, bank, and brokerage accounts.

Questions?

If you have questions or need assistance, please contact the Division of Retirement and Benefits Member Services Center toll-free at (800) 821-2251, in Juneau at (907) 465-4460. 8:30 a.m. to 4 p.m. Monday-Thursday and 8:30 a.m. to 3 p.m. Friday Alaska Time.

You may also contact customer service representatives by email at .

Post Retirement Pension Adjustment (PRPA) for 2021

There will be no Post-Retirement Pension Adjustment (PRPA) for 2021. The PRPA is based on the Consumer Price Index (CPI) for Anchorage and is granted when the CPI increases from one year to the next. Since the CPI in Anchorage dropped 0.179 points between 2019 and 2020, no PRPA will be granted for 2021.

Additional Information

  • The statutory authority for the Post-Retirement Pension Adjustment (PRPA) is contained in AS 39.35.475 and AS 14.25.143.
  • The PRPA is determined per statute based on the Anchorage Consumer Price Index (CPI) as calculated by the Federal Bureau of Labor Statistics (BLS).
  • The Anchorage CPI is based on the wages of urban wage earners and clerical workers.
  • Per statute, when the CPI increases, PRPAs are granted. When the CPI decreases, PRPAs are not granted.
  • The Division of Retirement and Benefits does not have the authority to change the Anchorage CPI or the PRPA calculation.
  • According to BLS, the Anchorage CPI decreased 0.179 or 0.0007934% between 2019 and 2020. Therefore, a Post-Retirement Pension Adjustment (PRPA) will not be granted in 2021 (FY22 benefit year).
  • 1987 was the last time the Anchorage CPI dropped and accordingly, a PRPA was not granted that year.

2020 Retiree Benefit Mailing Dates

Retiree benefits will be mailed on the following dates in 2020:

  • January 24
  • February 25
  • March 25
  • April 23
  • May 21
  • June 25
  • July 23
  • August 25
  • September 24
  • October 23
  • November 24
  • December 22

The mailing date is also the date that funds are available from your financial institution. If you would like to have your benefit directly deposited, complete the Electronic Direct Deposit Authorization for Retirees form and return it to the Alaska Division of Retirement and Benefits.

We Want To Hear Your Story!

We want to share your retirement story with your fellow members. Are you volunteering, traveling, involved in the community or just enjoying life? Let us know where you are living now, what you are involved in, where you were employed, and how your State of Alaska retirement has allowed you to enjoy new adventures in retirement.

You can also mail your stories and photos to:

Attention: Newsbreak Editor
State of Alaska Division of Retirement and Benefits
333 Willoughby Avenue
6th Floor
P.O. Box 110203
Juneau, AK 99811-0203.

Please keep your stories to 500 words or less.

The information provided on this page may or may not be up-to-date. If you are unsure, please contact us.

Page Last Modified: 05/12/22 18:53:41

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