Public Employees Retirement System

The Fairbanks North Star Borough is a political subdivision and is affiliated with the State of Alaska Public Employees Retirement System (PERS). The Borough’s contribution rate may vary from year to year. 

To be eligible for PERS retirement benefit, you must be vested in the retirement system. Vesting occurs after the employee obtains 5 years of full-time, credible service. This is prorated for part-time employees.

To learn more about PERS visit the State of Alaska Division of Retirement and Benefits.

To learn more about your individual account you can login to your account on the PERS website.

 

The DRB Member Services Contact Center and division of Retirement and Benefits Counseling Team in Juneau will assist members with questions on:

  • PERS Tier I, II and III benefits and eligibility questions
  • PERS Tier IV General Plan Information
  • Account balance
  • Account withdrawal options
  • Incoming rollover requests.

Phone Hours of Operation:

  • Monday through Thursday, 8:30 a.m. to 3:30 p.m. (Alaska Time)
  • Friday, 8:30 a.m. to 3 p.m. (Alaska Time)
  • (907) 465-4460 (Juneau)
  • (800) 821-2251 (outside Juneau)

Members  who participate in the PERS Tier IV, Defined Contribution Retirement Plan, will need to contact the Empower Retirement Customer Service,                   at their Key Talk number:  1-800-232-0859.

Hours of operation: 8:00 am to 5:00 pm Alaska Time.

Empower Retirement Customer Service agents will be able to assist  with the  following:

  • Financial aspects of the PERS Tier IV account
  • Investment options or spend down strategies
  • Reality Investing features
  • Website support
  • Changes to member's account
  • Withdrawal requests.

PERS Tiers

There are four (4) tiers under the retirement system. Your original hire date into a PERS position determines what tier you fall under. Benefits are different under each tier. The following is a brief outline of the tier differences or click here for a detailed look at the PERS TIER COMPARISON CHART:

Tier I:     Those hired before 7-1-86, normal age for retirement is age 55.  Early retirement is age 50.  Retirement calculation is based on three (3) highest consecutive years of service.

Tier II:     Those hired on or after 7-1-86 and before 7-1-96, normal age for retirement is age 60.  Early retirement is age 55.  Retirement calculation is based on three (3) highest consecutive years of service.

Tier III:     Those hired on or after 7-1-96 and before 7-1-06, normal age of retirement is age 60.  Early retirement is age 55.  Vesting for retirement benefits is 5 years of full-time, credible service.  Vesting for the medical component increases from 5 years to 10 years of credible service.  Retirement calculation is based on five (5) highest consecutive years of service.

TIER IV:    Those hired on or after 7-1-06, vesting for retirement benefits is based on years of service (25% - 2 yrs.; 50% - 3 yrs.; 75% - 4 yrs.; 100% - 5 yrs.). Taxes and penalties may apply if withdrawn before 59 1/2 years of age. When eligible for Medicare a percentage of the premium to be paid is based on years of service.