(a) The board may establish and maintain university retirement programs for eligible employees in which retirement and death benefits are provided through the purchase of annuity contracts, either fixed, variable, or a combination of fixed and variable. Participation in a university retirement program is in place of participation in a state retirement system. The university […]
(a) An employee in a participating position may elect to participate in a university retirement program or to participate in the appropriate state retirement system. Eligibility to participate in a program begins on an employee’s appointment to a participating position. (b) An election under (a) of this section to participate in a university retirement program […]
An employee participating in a university retirement program may not participate in a state retirement system during the time the employee is employed in a participating position. If the employee is later employed in a position covered by a state retirement system that is not a participating position, the employee may not continue to participate […]
(a) The university shall contribute on behalf of each employee participating in the program an amount established by the board. (b) An employee participating in the program shall contribute to the program an amount established by the board. (c) The board may specify that contributions required by this section are made by a reduction in […]
Payment of benefits to participants of the program is the responsibility of the company or companies designated by the board and is not the responsibility of the board, the university, or the state. The benefits are payable to participants or their beneficiaries in accordance with the terms of the applicable retirement plan document.
In AS 14.40.661 – 14.40.799, (1) “appropriate state retirement system” means the state retirement system that includes the employee’s position; (2) “board” means the Board of Regents of the University of Alaska; (3) “contribution account” means the member contribution account under AS 14.25.009 – 14.25.220, the individual account under AS 14.25.310 – 14.25.590, the employee […]
