Alaska Employment Compensation Package
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How to fill out Employment Compensation Package?
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Key Differences Deferred compensation plans tend to offer better investment options than most 401(k) plans, but are at a disadvantage regarding liquidity. Typically, deferred compensation funds cannot be accessed, for any reason, before the specified distribution date.
Key Takeaways. Deferred compensation plans allow employees to withhold a certain amount of their salaries or wages for a specific purpose. Deferred compensation plans can be qualified or non-qualified. Qualified plans fall under the Employee Retirement Income Security Act and include 401(k)s and 403(b)s.
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.
You can take out small or large sums anytime, or you can set up automatic, periodic payments. If your plan allows it, you may be able to have direct deposit which allows for fast transfer of funds. Unlike a check, direct deposit typically doesn't include a hold on the funds from your account.
A TDA is also known as a 403(b) account. This account offers employees the opportunity to make additional tax-deferred contributions outside their required contributions to their respective retirement plans (either PERS, TRS, or ORP). All University of Alaska employees are eligible to participate in the TDA.
Staffing problems at the payroll division are causing many of Alaska's 14,000 state employees to be paid late or for the wrong amounts and have caused the state to temporarily stop using one of its main tools for hiring and retaining workers.
Dwight Stallman received $415,500 in gross pay during fiscal year 2022, which ran from July 1, 2021 through June 30, 2022. That was the highest figure among 15,484 employees listed. An executive for the Alaska Gasline Development Corp. likely was paid more, but his compensation will not be disclosed until early 2023.