Sitnews - Stories In The News - Ketchikan, Alaska - News, Features, Opinions...


Retirement Security Act Introduced in State Senate


March 15, 2005

Juneau, Alaska - Monday the Senate Finance Committee introduced the Retirement Security Act. The legislation is said would instill fiscal responsibility and stability in the state's public employee and teacher retirement systems, create an attractive retirement plan for future generations of public employees and maintain current benefits for existing public employees.

Sen. Bert Stedman (R - Sitka) and Sen. Lyda Green (R- Wasilla) are leading the Senate's effort to address what they say is a retirement crisis. "This is a multifaceted problem. We have a five billion dollar unfunded liability, systemic problems that created it, and the need for predictability into the future," said Sen. Stedman.

Proponents of the legislation say it improves the management of the current retirement systems and it reduces future cost volatility by creating a defined contribution plan for public employees. Unlike a defined benefit plan in which employees are promised a benefit regardless of investment performance and system costs, a DC plan provides employees with a portable individual retirement account based on the contributions and earnings of employees and employers. "We've known for more than a year that our retirement system has significant problems and something has to be done. This bill is our solution," said Sen. Green.

This session the legislature is being asked to appropriate $108 million in state funds to make up for shortfalls in retirement funding for this year alone. This problem is not going away. "This massive liability is taking money away from everything else our state needs to fund. Roads, public safety and education all suffer because we have to keep pouring money into PERS/TRS," said Senate President Ben Stevens (R- Anchorage).

On Wednesday, Sen. Stedman will conduct a PowerPoint presentation on the Retirement Security Act to the Senate Finance Committee at 9:00 am in room 532 of the State Capitol Building.


On the Web:

SB 141

Source of News:

Alaska Republicans
Web Site



E-mail your news & photos to

Publish A Letter on SitNews
        Read Letters/Opinions
Submit A Letter to the Editor

Stories In The News
Ketchikan, Alaska