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Sen. Bert Stedman Sen. Lyda Green Sen. Ben Stevens

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Sen. Bert Stedman
State Capitol, Room 30
Juneau, AK 99801-1182
Phone: (907) 465-3873
Fax: (907) 465-3922
  Click image for large 5'' x 7'' portrait

Sen. Lyda Green
State Capitol, Room 516
Juneau, AK 99801-1182
Phone: (907) 465-6600
Fax: (907) 465-3922
  Click image for large 5'' x 7'' portrait

Sen. Ben Stevens
State Capitol, Room 30
Juneau, AK 99801-1182
Phone: (907) 465-3873
Fax: (907) 465-3872

Retirement Security Act Introduced in State Senate
SB 141 Strengthens Retirement System for Existing and Future Public Employees
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Attachments Attachments

 
Released:
March 14, 2005

Jeff Turner
Press Secretary
465-3803(Jan-May)

"This massive liability is taking money away from everything else our state needs to fund. Roads, public safety and education all suffer because we have to keep pouring money into PERS/TRS."
- Sen. Ben Stevens

 

(JUNEAU) - Today the Senate Finance Committee introduced the Retirement Security Act. The legislation instills fiscal responsibility and stability in the state's public employee and teacher retirement systems, creates an attractive retirement plan for future generations of public employees and maintains current benefits for existing public employees.

Sen. Bert Stedman (R - Sitka) and Sen. Lyda Green (R- Wasilla) are leading the Senate's effort to address the retirement crisis. "This is a multifaceted problem. We have a five billion dollar unfunded liability, systemic problems that created it, and the need for predictability into the future," said Sen. Stedman.

The legislation improves the management of the current retirement systems. It also reduces future cost volatility by creating a defined contribution plan for public employees. Unlike a defined benefit plan in which employees are promised a benefit regardless of investment performance and system costs, a DC plan provides employees with a portable individual retirement account based on the contributions and earnings of employees and employers. "We've known for more than a year that our retirement system has significant problems and something has to be done. This bill is our solution," said Sen. Green.

This session the legislature is being asked to appropriate $108 million in state funds to make up for shortfalls in retirement funding for this year alone. This problem is not going away. "This massive liability is taking money away from everything else our state needs to fund. Roads, public safety and education all suffer because we have to keep pouring money into PERS/TRS," said Senate President Ben Stevens (R- Anchorage).

Sen. Stedman will conduct a PowerPoint presentation on the Retirement Security Act to the Senate Finance Committee on Wednesday, March 16, at 9:00 am in room 532 of the State Capitol Building.

# # #

"This is a multifaceted problem. We have a five billion dollar unfunded liability, systemic problems that created it, and the need for predictability into the future."
- Sen. Stedman

 
Attachments:
 
·
Print Text Version
· Acrobat PDF Version [PDF - 1 page - 25 KB]
· Fact Sheet [PDF - 109 KB]
· Sponsor Statement
· SB 141 Overview [PDF - 95 KB]
· SB 141 White Paper [PDF - 180 KB]
· AK Retirement Boards Comparison [PDF - 87 KB]
· SB 141 - Walkthrough [PDF - 79 KB]
· Actuarial Valuation 101 [PDF - 45 KB]
· Benefit Changes - Cost Comparison [PDF - 9 KB]
· Slide Presentation - Part 1 [PDF - 322 KB]
· Slide Presentation - Part 2 [PDF - 295 KB]
· (S) FIN Discussion Topics 03/29 - 04/03 [PDF - 54 KB]
· Board Restructuring Slide Presentation [PDF - 77 KB]
· Contribution Rate of Existing Employees Slide Presentation [PDF - 185 KB]
· Slide Presentation - Medical Benefits Program for DC Plan Members [PDF - 95 KB]
· Slide Presentation - Contribution Rates for New Defined Contribution Plan [PDF - 184 KB]
· Slide Presentation - Health Reimbursement Arrangement [PDF - 106 KB]
· Slide Presentation - Conversion Option from DB to DC [PDF - 61 KB]
· Slide Presentation - SB 141 vs. CS SB 141 (FIN) Comparision [PDF - 12 KB]
· Complete Bill Text for SB 141


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