State 98214 03 2025

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The document outlines the distribution options available to participants of the State of Alaska Supplemental Annuity Plan as they approach retirement. It details the conditions under which funds can be withdrawn, including a 60-day waiting period after separation from service, and discusses tax implications for different withdrawal methods such as direct distributions, rollovers to IRAs or new employer plans, and periodic payments. The document emphasizes the importance of considering tax-deferred growth versus immediate access to funds, and provides guidance on completing withdrawal requests, including necessary forms and potential penalties for early withdrawals.

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What is the state of Alaska supplemental annuity plan?

The Alaska Supplemental Annuity Plan (SBS-AP) is a defined contribution plan governed by Section 401(a) of the Internal Revenue Code . The Alaska Statutes related to the SBS-AP plan are under AS 39.30, Article 4; AS 39.30. 150 - 180 . Regulations are 02 AAC 37.125 - 190 .

What is the alternative to Social Security in Alaska?

In lieu of Social Security, the Alaska Supplemental Annuity Plan (SBS-AP) provides an alternative benefit plan. Participating in the Supplemental Annuity Plan is mandatory for most State employees. The SBS-AP is a defined contribution plan governed by section 401(a) of the Internal Revenue Code.

What is the state of Alaskas deferred compensation plan?

The State of Alaska 457 Deferred Compensation Plan (DCP) allows you to voluntarily set aside a portion of your income either before it is taxed or after it has been taxed. The amount set aside, plus any change in value (interest, gains and losses), is payable to you or your beneficiary at a future date.

What is the state of Alaska deferred compensation plan?

The State of Alaska 457 Deferred Compensation Plan (DCP) allows you to set aside and invest a portion of your income for your retirement on a voluntary basis. It is designed to complement the Alaska SBS Supplemental Annuity Plan and the Alaska PERS/TRS Defined Contribution Retirement Plan.