The bill would return public employees to a pension plan that would guarantee set payments upon retirement.
Alaska’s state agencies are in the midst of an employment crisis, struggling to incentivize new hires and retain the staff they have. A report last year estimatedA new bill introduced in the state Senate this week aims to address the shortage with a revamped retirement system.
Giessel’s bill would return public employees to a pension plan that would guarantee set payments upon retirement. The state moved off a more comprehensive defined benefit pension plan in favor of the current defined contribution plan in 2006. The switch was driven by concerns the state could no longer afford the earlier pension system.
“If we can more effectively retain our state employees, keep those skilled people in their jobs, it makes a huge cost savings for the state. And not only that, it serves the Alaska public much better,” she said. Jeff Kasper, business manager for the Alaska Public Employees Association, said that’s not ideal but it’s not a dealbreaker. He said returning to a pension plan has been the union’s number one goal since the 2006 switch.Giessel’s bill has to move through the Senate Labor & Commerce and Finance committees before it gets to the floor.
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