Participation
You become a participant in the Pension Plan as of the first date your employer is required to make contributions to this Plan on your behalf.
Pension Plan Overview
- Your employer makes contributions. Participant contributions are not allowed.
- You are vested once you complete 5 years of service, including at least 1 year of credited future service. See your Pension Plan Summary Plan Description (Pension-SPD) for more information.
- You earn retirement benefits based on your service and the contributions due on your behalf.
- You become eligible for benefits at retirement, or disability provided you are vested.
- If you die before you retire, your spouse or beneficiary will be eligible for a benefit provided you are vested in the Plan.
- Benefits are paid according to the payment option you choose when you retire.
- If you work outside of Alaska, you may be able to send your contributions back to the Alaska Electrical Pension Plan by taking advantage of reciprocity.
Designating or Changing Beneficiaries
Your beneficiary designation should be kept up to date to be certain that death benefits will be paid in accordance with your wishes. If you wish to make any changes, please complete a new Pension Enrollment/Beneficiary Form. If you are married, your spouse is automatically the beneficiary and would have to formally consent to your election of another beneficiary.
Pension Reciprocity
Whether you work inside or outside of Alaska, you may be able to send your contributions back to the Alaska Electrical Pension Plan by taking advantage of reciprocity.
See the Pension Plan Summary Plan Description (Pension-SPD) for details. For steps on how to initiate reciprocity and sign up for the Electronic Reciprocal Transfer System (ERTS), visit the Reciprocity page.
Initiating Retirement
Prepare yourself for the retirement process by reading the “How to Apply for Retirement Benefits” and the “Payment of Benefits” sections of the PP-SPD.
Submitting An Application
After determining your retirement date and payment option, you may download the following forms or request these forms from the Administrative Office:
- Retirement Distribution Request Form
- This form notifies the Administrative Office of what type of retirement option you are selecting, when you would like to begin your retirement, and your beneficiary(s) and their mailing address(es).
- Direct Deposit Authorization
- This form instructs the Administrative Office at which bank you would like your monthly benefit deposited.
- W4 Forms
- Complete necessary W4-P and W4-R (if applicable). The W4-P for pensions/annuity. The W4-R for non-annuity. Both are needed to determine the amount to be withheld for federal income tax.
Working After Retirement
If you are employed after your retirement in the state of Alaska, you must notify the Administrative Office by phone (800) 478-1246 or email, preferably in advance. See the Pension Plan Summary Plan Description (Pension-SPD) for details on reemployment after retirement.
Note: If you return to work and do not notify the Administrative Office, it is presumed you are working more than 40 hours a month in “post-retirement service” and your pension payments will be suspended while you are employed.
Forms & Documents
Find forms and documents in one convenient document library. Visit the Forms & Documents page to find forms, notices, and up-to-date documents regarding your benefits.
Frequently Asked Questions
You can find answers to the most frequently asked questions on our FAQ page. If you have further questions, please call the Trust Office at (907) 276-1246 or email the Trust.
Eligibility, benefit, or other questions?
Call (907) 276-1246 or email the Admin Office.
