Form PERS060 Former Member Election of Participation - Defined Benefit Plan or Defined Contribution Retirement Plan - Alaska

What Is Form PERS060?

This is a legal form that was released by the Alaska Department of Administration - a government authority operating within Alaska. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form PERS060?
A: Form PERS060 is a document used for electing participation in a Defined Benefit Plan or Defined Contribution Retirement Plan in Alaska for former members.

Q: What is a Defined Benefit Plan?
A: A Defined Benefit Plan is a retirement plan in which the employer guarantees a specific benefit amount upon retirement based on factors like salary and years of service.

Q: What is a Defined Contribution Retirement Plan?
A: A Defined Contribution Retirement Plan is a retirement plan in which an individual contributes a portion of their income, and the employer may also contribute. The final benefit amount is determined by the contributions and the performance of the investments.

Q: Who can use Form PERS060?
A: Former members in Alaska who are eligible to elect participation in either a Defined Benefit Plan or a Defined Contribution Retirement Plan can use Form PERS060.

Q: What is the purpose of Form PERS060?
A: The purpose of Form PERS060 is to allow former members to make an election between a Defined Benefit Plan or a Defined Contribution Retirement Plan for their participation in the retirement system in Alaska.