Notice is hereby given that the Alaska Retirement Management Board (ARMB) has determined that it is in the best interest of the participants of the Public Employees’ Defined Contribution Retirement System (PERS Tier IV), Teachers’ Defined Contribution Retirement System (Tier III), Alaska Supplemental Benefits Annuity System and the Alaska Public Employees Deferred Compensation Plan to discontinue all advisory services currently available in the plans effective November 15, 2024. The Division of Retirement and Benefits, Department of Administration has complied with the ARMB decision.

The advisory services are provided by Empower Retirement and Morningstar Inc. under the “My Total Retirement” product and include Managed Accounts (“Do-It-For-Me”), Advice (“Help-Me-Do-It) and financial advice provided during retirement readiness reviews with Empower representatives.

As of November 16, 2024 all future contributions for active participants currently enrolled in Managed Accounts will be placed into an age-based Target Date Fund. Past contributions for active and retired employees will remain in the investments selected under Managed Accounts with no further oversight or management by Empower. Participants will be able to make changes to where their past allocations are invested at any time.

A written notice of closure has been mailed to all participants enrolled in Managed Accounts as of September 16, 2024 which contains more detail and instruction.

The basis for this ARMB determination is explained in Resolution 2024-01 found at https://treasury.dor.alaska.gov/armb/managed-accounts .

Public comment regarding this decision should be sent prior to November 15, 2024 to: