Retirement Well Being

Planning for the Non-Financial Aspects of Retirement

Reaching retirement savings goals is not enough. You need a plan for how you will spend your time. This is frequently overlooked in the planning process. It is not uncommon for people to be nearing their retirement date without a clear plan of what they will do once retired. Understanding the stages of retirement can be helpful when planning for your future and for the choices you will need to make at retirement.

With good health, you can expect to be in retirement for the next 20-30 years. Keep in mind that there are three stages to retirement. The first stage is the initial go-go stage where retirees frequently travel and have experiences they have dreamed about for years. You are retiring from your current career, not from life. This stage lasts about 15 years while you are still active. What will you do with it?

The next stage, the slow-go stage, typically starts in your mid to late 70s, marking a shift to a more passive retirement for the next decade, where quiet pleasures take priority over active pursuits.

The last stage is the no-go stage. Some retirees never reach this stage, remaining relatively active until the end. However, others may experience failing health, requiring medical treatment and nursing care in their last years.

Each stage of retirement comes with its own challenges and requires careful planning. Retirement counselors at the Division can help you understand the elections you make at retirement and how they will affect you at each stage. To schedule an appointment, visit our Counseling Services webpage at drb.alaska.gov/contact/counseling.html.

For more information regarding the non-financial aspects of retirement, view our “Retirement Well Being” video on our YouTube page, youtube.com/@alaskadrb .

Alaska Retirement Systems Market Value

ALASKA RETIREMENT SYSTEMS MARKET VALUE
PERS    $ 22,641,000	JRS    $ 305,000,000
TRS    $ 10,453,000	NGNMRS    $ 45,000,000
The printed edition of the TRS Newsbreak lists the Market Values as of October 2024.

To check the latest Retirement Systems Market Value, visit the Alaska Retirement Management Board webpage .

Alaska Cost-Of-Living Allowance

The Alaska Cost-of-Living Allowance (COLA) was established in 1966 to assist retirees who elect to remain in state to defray the higher cost of living in Alaska. If you are eligible, you may receive the COLA in addition to your monthly benefit. The amount of COLA a PERS member receives is 10% of their base retirement benefit (or a minimum of $50 per month, whichever is larger).

Who is Eligible to Receive COLA?

If you reside in Alaska after you retire, you may receive COLA in addition to your regular monthly benefit. PERS Tier I retirees and their survivors are eligible upon retirement, regardless of age. All other PERS retirees and their survivors are eligible at age 65. All members receiving disability benefits are eligible, regardless of age or date of hire.

"Residing in Alaska" means domiciled and physically present in Alaska. A domicile is that place where you have your true, fixed, and permanent home and principal establishment and to which, whenever you are absent, you intend to return. An absence, which exceeds 90 days, constitutes a break in residency for COLA purposes.

If you become a resident out of state and later return to Alaska and become a resident again, you are eligible to receive COLA if you complete and submit the necessary forms. You will not lose COLA permanently; you can stop and start it.

If I leave Alaska on a trip, will I be entitled to COLA while I am away?

Yes, you are entitled to COLA during the time you are gone if you return to Alaska in less than 91 days. Please note that a period of 90 consecutive days does not start over with a new calendar year. You may be asked to provide copies of your travel documentation, which shows your departure and return dates.

You are NOT eligible for COLA and you are required to notify the Division in writing (use form 02-824a or your own written notice) if:

• You intend to be gone from Alaska continuously for more than 90 days;
• Your current absence exceeds 90 consecutive days (COLA entitlement ends retroactively to the end of the month of your departure from Alaska); or
• Your principal domicile is no longer in Alaska.

Am I entitled to COLA if I am gone from Alaska for more than 90 days due to illness?

You may continue to receive COLA for up to 6 months if:

1. You are out of Alaska because of illness, and
2. Your physician certifies your absence is necessary on a form (gen023) provided by the Division.

If your absence exceeds six months, COLA will stop on the first day of the seventh month following the date you left. If your illness began before leaving Alaska, you must make every effort to notify the Division before departing Alaska. Eligibility for COLA under this provision is a one-time exception to the requirements.

When does COLA stop and start?

CCOLA will stop on the first of the month following your departure from Alaska. If you receive COLA to which you are not entitled, you are required to repay it to the PERS. The Division will notify you of your options for repaying an overpayment. COLA will start again on the first of the month AFTER:

1. You return to Alaska; and
2. Your notification (form 02-1896a) is received by the Division.

If your notification is received or postmarked after the first of the month, COLA will not start again until the following month, regardless of your return date to Alaska. To avoid missing out on COLA benefits, you should submit your notification as soon as you return to Alaska.You may hand-deliver or mail your notification form to the Division. Mailed notifications must be postmarked in Alaska. Private meter postmarks will not be accepted. If a postmark date is illegible, your notification is presumed to have been mailed five working days before the date the notification is received.

PERS Alaska Statute 39.35.670—A person who knowingly makes a false statement, or falsifies or permits to be falsified a record of this system, in an attempt to defraud the system, is guilty of a Class A Misdemeanor and upon conviction is punishable by a fine of not more than $500 or by imprisonment for not more than 12 months, or by both.

Still have questions?

Please contact the Division to speak with a representative. You can find more information on our Defined Benefit Retirement Resources webpage, drb.alaska.gov/cola.

Report From the Field — Meet Amanda Beebe-Bay

Amanda Beebe-Bay, a Retirement Counselor based in our Juneau office, has been with the Division of Retirement and Benefits since May 2023. Born and raised in Juneau, Amanda enjoys life with her husband, their two wonderful daughters, and a rescued Husky-Lab mix. Growing up in Southeast Alaska, Amanda recalls a fond childhood memory attending the Haines Fair, where she and her sister showed off their dancing skills and won hats from Tommy Tutone.

Amanda began her career with the State of Alaska as a Deputy Clerk for the Alaska Court System, where she worked for three years before transitioning to a paralegal role for four years. This experience provided her with a strong foundation in Alaska Statutes and research—skills that now serve her well in her role as a Retirement Counselor.

Her work is both dynamic and rewarding. Amanda finds great satisfaction in helping members navigate their unique retirement needs, comparing different plans, and researching specific questions. What she enjoys most is explaining how Alaska Statutes impact her clients’ retirement benefits, empowering them to make informed decisions.

Outside of work, Amanda loves spending time with her family and enjoys knitting, stamping, and cross-stitching. She’s also passionate about music, playing handbells with the Celebration Ringers each year and singing in the Juneau Symphony Chorus and Bach Society. Currently, she’s on a break from the chorus to focus on raising her kids. Amanda enjoys living in Alaska, where she can drive just five minutes from her home and be immersed in nature, away from the hustle and bustle.

For those preparing for retirement, Amanda offers this advice:

“Meeting with a counselor is a great way to ensure you’re fully prepared for retirement. The information we provide can help you plan when to retire with confidence, knowing your benefits are in order.”

PERS Performance: Fiscal Year 2024

The Division of Retirement and Benefits (Division) prepares an Annual Comprehensive Financial Report (ACFR) which is available online at drb.alaska.gov/docs/reports/#pers. The Public Employees’ Retirement System (PERS) ACFR provides comprehensive financial, investment, actuarial, and statistical data.

The Division also posts the annual actuarial valuation results online at drb.alaska.gov/docs/valuations/PERSDBvaluation_2023.pdf . This report contains the funding status of the PERS, as well as the data, assumptions and methods used to develop contribution rate recommendations. As of June 30, 2023, the date of the latest actuarial valuation report, the Defined Benefit unfunded accrued liability was $3,468,834,000.

The PERS Defined Benefit plan (DB) includes a defined benefit pension plan and the Alaska Retiree Healthcare Trust plan. PERS Defined Contribution Retirement plan (DCR) includes a defined contribution retirement plan, two occupational death and disability plans for peace officers and firefighters, and all other employees, a healthcare reimbursement arrangement, and a retiree medical plan.

Summary of Fiscal Year 2024

• There were 151 PERS employers.
• At June 30, 2024, there were 7,963 PERS DB plan employees and 27,742 PERS DCR plan employees.
• PERS employers paid 22% of each employee’s gross salary in addition to the contributions paid by the covered employees. The State of Alaska as an employer paid 25.10% of each employee’s gross salary in addition to the contributions paid by the covered employees. The State of Alaska paid an additional $37,942,000, on-behalf of all other employers, to meet the actuarially determined contribution rate of 25.10%.
• Based on the June 30, 2023 actuarial valuation report, there were 38,639 people who received monthly PERS DB pension benefits, an increase of 1.4% over the prior year. PERS DB Pension retirees and beneficiaries received an average annual pension of $28,159.

Changes in PERS Assets During Fiscal Year 2024
	DB PLAN	DCR PLAN
Fiduciary Net Position at June 30, 2023	$ 20,213,711,000	3,256,579,000
ADDITIONS
Employer Contributions	$ 461,021,000	171,406,000
Plan Member Contributions	70,329,000	153,066,000
State of Alaska Contributions	37,942,000	—
Net Investment Income	1,741,275,000	434,794,000
Transfer In	14,582,000	—
Other	137,536,000	624,000
Total Additions	$ 2,462,685,000	759,890,000
DEDUCTIONS
Pension Benefits Paid	$ 1,088,046,000	716,000
Healthcare Benefits Paid	593,597,000	1,798,000
Member Refunds and Disbursements	9,097,000	114,355,000
Administrative Expenses	29,163,000	6,409,000
Transfer Out	—	14,582,000
Total Deductions	$ 1,719,903,000	137,860,000
Fiduciary Net Position at June 30, 2024	$ 20,956,493,000	3,878,609,000

Statement of PERS Assets as of June 30, 2024
ASSETS
	DB PLAN
Short-Term Investments	$ 247,874,000	4,875,000
Securities Lending Collateral	15,270,000	885,000
Empower Account	—	982,000
Other Receivables	46,289,000	15,969,000
Investments, at Fair Value	20,723,708,000	3,859,939,000
Other Assets	981,000	—
Total Assets	$ 21,034,122,000	3,882,650,000
LIABILITIES
Securities Lending Collateral Payable	$ 15,270,000	885,000
Accrued Expenses and Other Liabilities	62,359,000	3,156,000
Total Liabilities	$ 77,629,000	4,041,000
Fiduciary Net Position at June 30, 2024	$ 20,956,493,000	3,878,609,000

Maximize Your Time With The DRB

We understand the value of your time and want to make the most of it. The Division of Retirement and Benefits offers both walk-in and scheduled appointments to suit your needs.

Retirees in Touch Meet Chuck Perry

Chuck Perry served the Ketchikan Police Department for 20 years, and upon retirement, he considered himself fortunate to be a member of the Public Employees’ Retirement System (PERS) Tier I. Whenever the topic of retirement came up, Chuck would say, “There’s only one requirement for my next job—no matter the clientele, the people have to be glad to see me.”

Three years before retiring from law enforcement, Chuck took on a part-time role as a commercial seaplane pilot for a local air taxi—small planes used for short, regional flights in areas not serviced by commercial airlines. Upon his retirement in 2000, he transitioned to flying full-time.

“The PERS pension allowed me to work whenever I wanted,” Chuck explained. “With little regard for the wages offered.” After the events of September 11, 2001, Chuck found himself in Seattle, Washington, where he stayed for the winter. By the spring of 2002, he had joined Kenmore Air Seaplanes as a line pilot. Two years later, he was promoted to Assistant Chief Pilot, and in 2014, he became the Chief Pilot.

Living and flying in the Pacific Northwest has been a dream come true for Chuck, and he wouldn’t have it any other way. The pension has allowed him to enjoy a comfortable lifestyle, even in a high-cost region like Seattle. As he nears the end of his flying career, Chuck reflects with gratitude, saying, “I’m thankful for PERS every day.”

We Want to Feature your Retirement Story!

Whether you’re spending your time volunteering, traveling, staying active in your community, or simply enjoying time with the family, we want to hear all about it. Tell us where you’re living now and what you’re up to—have you embraced a new hobby? Learned something new? Pursuing passions you didn’t have time for before?

We’d also love to know about your career with the State of Alaska: where you worked, what your role was, and how your experiences shaped the life you’re leading now. Most importantly, we want to hear how your State of Alaska retirement has opened up new opportunities for you—did it afford you the opportunity to explore new places, develop new skills, or simply enjoy the peace and joy that comes with this exciting new chapter in your life?

Your story may inspire others and help us celebrate the vibrant and diverse lives of our fellow retirees!

Submit your stories via our Retirees in Touch submission page: drb.alaska.gov/retiree/intouch/submit.html.

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

Divorce and Your PERS Retirement

If you divorce or dissolve your marriage at any time after you were first hired in a position covered by the Public Employees’ Retirement System (PERS), your former spouse may be entitled to a portion of the PERS benefit under federal and Alaska laws.

The Division of Retirement and Benefits (Division) is required by Alaska Statute and by the Internal Revenue Code to protect the individual interests in the retirement plans managed by the Division.

To determine if your PERS account is free from attachment, the Division needs court-certified copies of your divorce decree, the findings of facts/property settlement, or dissolution agreement that clearly indicates there is no entitlement to a former spouse. A court-certified copy is the clerk’s act of copying an original document which is on file with the court and swearing in writing that it is a full, true and correct copy of the original document which is on file with the court.

If a former spouse is awarded a portion of your PERS, a qualified domestic relations order (QDRO) is required and must be approved by the court and filed with the Division. A QDRO is a specialized court order that sets the terms of the portion of your benefits payable to your former spouse. The QDRO also authorizes the Division to make payments to both the member or participant and to the former spouse.

If you are divorced or are going through a divorce or dissolution, make sure that the court documents clearly address your PERS retirement account in the settlement. If it is not clear, then you may have to go back to court to have the issue resolved before we can release any funds or commence monthly pension payments.

Please contact the court in the city where your divorce or dissolution was granted to obtain the original court-certified copies of these documents.

Don’t wait until you request a refund and/or retire to submit the documentation to the Division. Waiting will delay your request for a refund or your appointment to retirement and receipt of your monthly pension benefit.

You are responsible for submitting the required forms to the Division. The court and attorneys do not automatically send these forms to the Division.

The Division has specialized staff who can help you if you have any questions about divorce or dissolution of marriage. Please visit our website to obtain a copy of our QDRO Divorce and Dissolution Information Packet. This booklet will assist you and your attorney in the drafting of any necessary QDROs. For more information, contact the QDRO unit at or .

For assistance in the drafting of QDRO’s, please review our Divorce and Dissolution Information Packet at drb.alaska.gov/docs/packets/qdro-packet.pdf .

2025 Retiree Benefit Mailing Dates

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