Alaska Defined-Benefit Pension Plan and Trust Agreement

• Category: Trusts - Business
• State: Multi-State
• Control #: US-1073BG
• Format: Word; Rich Text

Description

A defined benefit pension plan is a type of pension plan in which an employer or sponsor promises a specified pension payment, lump-sum (or combination thereof) on retirement that is predetermined by a formula based on the employee's earnings history, tenure of service and age, rather than depending directly on individual investment returns. Traditionally, many governmental and public entities, as well as a large number of corporations, provided defined benefit plans, sometimes as a means of compensating workers in lieu of increased pay. A defined benefit plan is "defined" in the sense that the benefit formula is defined and known in advance. Conversely, for a "defined contribution retirement saving plan", the formula for computing the employer's and employee's contributions is defined and known in advance, but the benefit to be paid out is not known in advance. Alaska Defined-Benefit Pension Plan and Trust Agreement refers to a comprehensive retirement benefit program offered by the state of Alaska to its eligible employees. This pension plan is designed to provide retirees with a guaranteed income during their retirement years, based on a predetermined formula. The Alaska Defined-Benefit Pension Plan and Trust Agreement is established and governed by specific legal documents outlining the terms and conditions of the plan. It is a contractual agreement between the employer (the state of Alaska) and the employee, ensuring retirement benefits are systematically funded and distributed. Keywords: Alaska, Defined-Benefit Pension Plan and Trust Agreement, retirement benefit program, guaranteed income, predetermined formula, eligible employees, legal documents, contractual agreement, retirement benefits, funded, distributed. Different types of Alaska Defined-Benefit Pension Plan and Trust Agreement may exist based on the specifics of the employment sector and the employees it encompasses: 1. State Employees' Retirement System (SEES): The SEES is the pension plan for employees working in various state agencies, departments, and institutions within Alaska. This plan covers a wide range of state employees, including administrative, clerical, professional, and technical staff. 2. Teachers' Retirement System (TRS): The TRS is tailored for educators and staff employed in Alaska's public schools and educational institutions. It offers retirement benefits to teachers, administrators, school counselors, and other professionals working in the education sector. 3. Public Employees' Retirement System (PEERS): The PEERS provides retirement benefits to employees working for local governments, public universities, community colleges, and other governmental entities within Alaska. This plan encompasses a diverse range of public employees, such as police officers, firefighters, municipal workers, and correctional officers. Each type of Alaska Defined-Benefit Pension Plan and Trust Agreement has unique provisions and eligibility requirements. However, they all share the common goal of providing retirement security to Alaska's public employees, ensuring a stable income source after the conclusion of their careers.

Alaska Defined-Benefit Pension Plan and Trust Agreement refers to a comprehensive retirement benefit program offered by the state of Alaska to its eligible employees. This pension plan is designed to provide retirees with a guaranteed income during their retirement years, based on a predetermined formula. The Alaska Defined-Benefit Pension Plan and Trust Agreement is established and governed by specific legal documents outlining the terms and conditions of the plan. It is a contractual agreement between the employer (the state of Alaska) and the employee, ensuring retirement benefits are systematically funded and distributed. Keywords: Alaska, Defined-Benefit Pension Plan and Trust Agreement, retirement benefit program, guaranteed income, predetermined formula, eligible employees, legal documents, contractual agreement, retirement benefits, funded, distributed. Different types of Alaska Defined-Benefit Pension Plan and Trust Agreement may exist based on the specifics of the employment sector and the employees it encompasses: 1. State Employees' Retirement System (SEES): The SEES is the pension plan for employees working in various state agencies, departments, and institutions within Alaska. This plan covers a wide range of state employees, including administrative, clerical, professional, and technical staff. 2. Teachers' Retirement System (TRS): The TRS is tailored for educators and staff employed in Alaska's public schools and educational institutions. It offers retirement benefits to teachers, administrators, school counselors, and other professionals working in the education sector. 3. Public Employees' Retirement System (PEERS): The PEERS provides retirement benefits to employees working for local governments, public universities, community colleges, and other governmental entities within Alaska. This plan encompasses a diverse range of public employees, such as police officers, firefighters, municipal workers, and correctional officers. Each type of Alaska Defined-Benefit Pension Plan and Trust Agreement has unique provisions and eligibility requirements. However, they all share the common goal of providing retirement security to Alaska's public employees, ensuring a stable income source after the conclusion of their careers.