(a) The board may establish and maintain university retirement programs for eligible employees in which retirement and death benefits are provided through the purchase of annuity contracts, either fixed, variable, or a combination of fixed and variable. Participation in a university retirement program is in place of participation in a state retirement system. The university may establish retirement programs for new employees in a participating position at any time. Retirement programs must be optional.
Terms Used In Alaska Statutes 14.40.661
Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
state: means the State of Alaska unless applied to the different parts of the United States and in the latter case it includes the District of Columbia and the territories. See Alaska Statutes 01.10.060
(b) The board shall
(1) provide for the administration of the retirement programs, including procedures for resolving complaints from participating employees;(2) designate the company or companies to which payment of the contributions required under Alaska Stat. § 14.40.691 may be made, after considering the
(A) nature and extent of the rights and benefits that the contracts will provide to employees who elect to participate and to their beneficiaries;(B) relation of the contractual rights and benefits to the contributions to be made under Alaska Stat. § 14.40.661 – 14.40.799;(C) suitability of the contractual rights and benefits to the needs and interests of employees who participate and to the interest of the university in the employment and retention of employees;(D) ability of the designated company or companies to provide rights and benefits under the contracts; and(E) efficacy of the contracts in the recruitment and retention of faculty and administrators;(3) take other actions required to ensure that the retirement programs comply with applicable provisions of 26 U.S.C. § 401 – 417 (Internal Revenue Code).
