The Fairbanks North Star Borough is a political subdivision and is
affiliated with the State of Alaska Public Employees Retirement System
(PERS). Currently, the Borough contributes 10.93% of your gross earnings
to PERS. The employee contributes 6.75% of their gross earnings to PERS
(applies to Tiers I, II, and III ). Those hired on or after
7-1-06 are Tier IV, and contribute 8.0% of their gross earnings to 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.
Or contact the Regional Counselor assigned to the Fairbanks North Star Borough:
State of Alaska
Division of Retirement & Benefits
PO Box 110203
Juneau, AK 99811-0203
Fax: (907) 465-5404
Phone: (907) 465-4495
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 Taxes and penalties may apply if withdrawn before 59 1/2 years of age.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.