Stop New Taxes in Alaska

We cannot afford a return to a defined benefit pension plan.

Say No to New Taxes

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New pension proposals could result in new income or sales taxes for Alaskans.

Alaska transitioned government workers to a Defined Contribution (DC) retirement plan from a Defined Benefit (DB) pension plan in 2005, after the state accrued a sizable amount of debt and could no longer afford the earlier pension system. The basic difference between these plans is what they promise to participants. A defined benefit plan specifies exactly how much retirement income employees will get once they retire. A defined contribution plan only specifies what each party–the employer and employee–contributes to an employee's retirement account, similar to a 401(k)-style retirement system. Alaska state politicians are pushing a return to the unaffordable DB plan for government workers.

Alaska already owes over $6 billion in unfunded liabilities for its old pension plan. A new DB pension plan could add upwards of $9 billion more in liabilities. Where will that money come from? Likely answer: a new state income or state sales tax.

Simply put, Alaska cannot afford a return to a defined benefit pension plan. Say NO to new taxes.

Paid for by Americans for Prosperity - Alaska, Anchorage, AK. Bethany Marcum, State Director, approves this message.