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Amending Your PERS Participation Agreement

Amending Your PERS Participation Agreement. Division of Retirement and Benefits. Introduction. How to Amend Your Participation Agreement Who do I contact? Who can be removed or added? What do I need to provide to the Division? What happens when positions are removed?. Introduction.

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Amending Your PERS Participation Agreement

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  1. Amending Your PERS Participation Agreement Division of Retirement and Benefits

  2. Introduction • How to Amend Your Participation Agreement • Who do I contact? • Who can be removed or added? • What do I need to provide to the Division? • What happens when positions are removed?

  3. Introduction Alaska Statute 39.35.615 and 39.35.957 allows an employer to amend its participation agreement to add or exclude departments, groups, or other classifications of employees.

  4. Process • Adoption of a resolution; • Signed amendment; • Submitted to the Division of Retirement and Benefits; and • Signed by the Administrator.

  5. Contacts • Employers should contact their Regional Counselor to begin the amendment process. • Anchorage employers should contact Larry Davis, Counseling Supervisor.

  6. Amendment Process • Filing a Resolution • The resolution must: • be adopted by the legislative body of the political subdivision, and • be approved by the person required by law to approve the resolution, or • in the case of a public organization after the adoption of a resolution, by the governing body. • An original certified copy must be provided to the Division.

  7. Amendment Process • Filing an Amendment • An amendment specifying the addition or removal of a group or classification of employees must be submitted to the Division. • Recognized past service cannot be recognized when adding employees. • You must submit two (2) original copies for the Administrator’s signature.

  8. Amendment Process Amendments are effective the first day of the month following receipt of the signed resolution and the amendment.

  9. Amendment Process • Amendments must comply with the statutory requirements of the PERS. • Definitions of part-time and seasonal employees cannot be changed.

  10. Removing Employees If an employer removes a group or classification of employees without the vote of the employees, these employees are automatically vested in PERS if they do not elect to refund their contributions.

  11. Removing Employees If a group or classification vote to come out of PERS and the employer agrees, they are not automatically vested.

  12. Termination Costs • There are costs associated with removing groups or classifications of employees from PERS. • Employers must have a termination study done by Buck Consultants. Employers are responsible for cost of the study. • The study will tell you what your one-time termination cost is.

  13. Termination Costs • In addition to the termination cost, there is an going cost until the past service liability of the plan is extinguished. • 2 AAC 35.229 prevents the double-billing for the salary floor costs and the ongoing termination costs.

  14. Conclusion Thank you for attending. If you have any questions about amending your participation agreement, please contact your Regional Counselor.

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