Alaska Sample Letter Regarding Cost of Living Adjustment

State:
Multi-State
Control #:
US-0461LTR
Format:
Word; 
Rich Text
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Sample Letter Regarding Cost of Living Adjustment

How to fill out Sample Letter Regarding Cost Of Living Adjustment?

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FAQ

In lieu of Social Security, the Alaska Supplemental Annuity Plan (SBS-AP) provides an alternative benefit plan. Participating in the Supplemental Annuity Plan is mandatory for most State employees.

The Post Retirement Pension Adjustment If you meet these requirements or are age 60 to 64 on July 1, 2023, you will receive 50% (3.948%) of the Consumer Price Index (CPI) change during 2022. Retirees aged 65 or older and all disability benefit recipients receive 75% (5.923%) of the CPI.

If you reside in Alaska after you retire, you may receive COLA in addition to your regular monthly benefit. All disabled members receiving PERS or TRS disability benefits, regardless of age or date of hire. If you wish to receive COLA, you must submit an ?Application for Cost-of-Living Allowance? (form 02-1896).

The U.S. Government pays cost-of-living allowances (COLAs) to white-collar civilian Federal employees in Alaska, Hawaii, Guam and the Northern Mariana Islands, Puerto Rico, and the U.S. Virgin Islands.

Generally, you must have at least five years of service credit to be eligible.

Alaska has a smaller retirement community, with just over 11 percent of its population over the age of 65. Alaska is one of the few states that does not have a state income tax, which could be a significant financial benefit for retirees.

Age Requirements Age 55 for normal retirement or age 50 for early retirement if you first entered the PERS before July 1, 1986 (Tier I); or. Age 60 for normal retirement or age 55 for early retirement if you first entered the PERS on or after July 1, 1986 (Tier II or Tier III).

Retirement at 65 years of age is mandatory. The Foreign Service Basic Benefit is designed to provide Foreign Service Officers with an annuity upon retirement. The plan provides for an annuity equivalent to a certain percentage of the average of a retiree's highest three annual salaries.

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Alaska Sample Letter Regarding Cost of Living Adjustment