Alaska court grants access for some to shuttered DB plans
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The Alaska Supreme Court ruled former employees and some current employees in the state s closed defined benefit plans are eligible for reinstatement in those plans.
The court s decision found that the state violated the Alaska Constitution when it repealed the statutes of the $22.1 billion Alaska Public Employees Retirement System and $10.4 billion Alaska Teachers Retirement System, allowing for reinstatement in those plans, according to the court s opinion posted on its website.
The systems defined benefit plans consisted of three different tiers of participants until July 2006, when the DB plans were closed and new hires were placed on defined contribution plans.
The Alaska Supreme Court Issues Historic Decision Restoring Access to Benefits in Alaska s Public Employees Retirement System and Teacher s Retirement System Juneau, Alaska
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The Alaska Supreme Court Issues Historic Decision Restoring Access to Benefits in Alaska s Public Employees Retirement System and Teacher s Retirement System Juneau, Alaska
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