Legislature considers restoring traditional pensions for public employees
February 8, 2023
JUNEAU — Amid a deepening crisis in recruiting and keeping state workers, the Alaska Legislature is again considering measures to recreate a pension plan for public employees, but disagreements on the type and extent of the plan mean a long path ahead.
A deficit of billions of dollars led lawmakers in 2006 to do away with the state’s defined-benefits plans, which gave state and municipal employees a dependable pension calculated on their years of service and average salary, not reliant on the ups and downs of the stock market. Instead, the state now offers public employees a 401(k)-styl...