 APRIL 2018 | VOLUME #152
“Who’s my regional counselor?” This is one piece of
information that you don’t want to be without. We highly recommend getting to
know your regional counselor, since they are the eyes, ears, and voice of the
Division of Retirement and Benefits (DRB). The five regional counselors at the
DRB are assigned to specific areas of Alaska: Northwest, Fairbanks, Mat-Su
Valley, and Southeast. Anchorage is covered by the staff in our Anchorage field
office.
Our counselors work with employers and Empower Retirement representatives
to administer employee education through individual counseling sessions,
seminars, and work groups, providing these services in person, via WebEx, and by
telephone. They are a valuable resource for general employer questions (such
as, “How do we join the Alaska Deferred Compensation Plan?”), participation agreement
amendments, and audit resolutions.
When a regional counselor, an Empower representative, and an
engaged employer work together, the amount of positive feedback is tremendous. We
are better together. Employees can understand how their active participation in
their investment accounts will mean the difference between meeting and
exceeding their retirement goals—or falling short and having to work longer
than expected. When recruiting and building lifelong relationships with your
employees, make sure they have the time to speak with your regional counselor
and your Empower representative.
Area contacts:
Northwest
Fairbanks, State
Fairbanks, Schools/University
Mat-Su Valley
Southeast
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Some responses from the Employer Onboarding and Continuing
Education Survey indicate that some employers have had neither a DRB
representative or an Empower representative at their worksite in some
time. Any employer may schedule a video or teleconference with their
regional counselor at DRB, with Empower representatives, or a joint meeting at
any time by contacting Roberto Aceveda. While the State budget doesn’t
allow us to travel to all our locations, we have had success in providing
service to smaller, more remote areas using WebEx. WebEx may be
used for individual counseling sessions with a regional counselor or Empower
Representative or for group meetings.
If you haven't had a representative to your workplace in a while, or have questions about any of the retirement plans, contact us about scheduling a visit soon!
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We welcome the Inter-Island
Ferry Authority (IIFA) and the City of Bethel as the first public organizations to join the Alaska
Public Employees’ Deferred Compensation Plan (DCP)! IIFA and Bethel employees begin
contributions on May 1, 2018.
Employers who choose to
participate in the State DCP plan will provide their employees with an
additional retirement savings plan to help them save for their future. There is
no cost to join and no requirement for matching employer contributions. Participants
pay fees at a group rate negotiated by the State of Alaska that may be lower
than those currently experienced. This means more of the participant’s contributed
dollar will go to their personal investment.
The investments are overseen and
chosen by the Alaska Retirement Management Board. The State plan offers:
-
Local
advisors to educate and assist your employees to be more retirement ready
-
Professional,
online financial advice services with a federally registered investment advisor
- Ability
to enroll in a fee-based professional management program, if desired
-
24/7
website and automated phone access
- Staffed
customer service center open weekdays from 8 a.m. to 5:30 p.m. Alaska time
To inquire about enrolling your
employees in the plan, please contact your DRB regional counselor in Juneau at (907) 465-4460 or toll-free at (800) 221-2251,
or contact Empower Retirement Services (the State’s recordkeeper and financial
advisor/ education partner) in Anchorage at (907) 276-1500 or
toll-free at (800) 526-0560.
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The Internal Revenue Service (IRS) has released the updated federal tax
withholding calculator based on tax reform legislation enacted on December 22, 2017. The updated withholding calculator
is now available on the IRS website. Use the calculator here.
The withholding calculator is designed to help employees estimate that the
right amount of tax is withheld. The IRS
encourages everyone use the withholding calculator to perform a quick federal
tax withholding review.
Use of the withholding calculator can help employees determine if an
updated Federal Form W-4 is needed. Click here for a new W-4 form.
More information about the updated withholding calculator can be found at the IRS website here.
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 Make sure to check the Employer Services homepage on the Division of Retirement and Benefits website often for updated documents and information.
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 The Division of Retirement and Benefits is seeking to improve its
retirement education and publications. We're asking you, our participating employers, to take part in a short survey (3 minutes) to help us provide better education options for
you to share with your employees. We thank you in advance for your help
in this area.
Questions? Contact Roberto
Aceveda by email or call (800) 821-2251.
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