Financial Security Advocacy

Retirement readiness is good for Alaska and good for Alaskans. Good retirement policy will empower more older Alaskans to become retirement ready allowing them to choose how they live as they age. Empowering more Alaskan workers to become retirement ready also saves State dollars from public assistance avoidance, and both public and private employers need good retirement benefit access to improve recruitment and retention.

Alaska Work and Save; a public-private partnership retirement option for small business employees

All Alaskans deserve easy access to a retirement saving plan. Nearly 60% of households have no assets saved for retirement. Without access to a retirement savings plan at work, nearly all workers fail to save. Only 5% of people save in an IRA if an employer plan does not cover them. Nearly half of private-sector workers don’t have access to a way to save from their regular paycheck at work and access to pensions is greatly diminished.

Nearly half of Alaska private-sector workers don’t have access to a way to save from their regular paycheck at work. Almost 73% of workers at Alaska businesses with under 10 employees, and 66% percent at companies with between 10-24 employees, lack a plan.

Alaska Work and Save is designed to address the retirement savings gap using tools, such as payroll deduction, that are proven to work. Work and Save programs are state-facilitated retirement savings options that are a public-private partnership.

The state serves the role of overseeing and registering businesses, while the private sector manages and runs the investments. These programs are easy for employers and employees to use, and there are no ongoing costs or risks to employers or the state. Importantly, Work and Save includes both automatic enrollment and portability, leading to dramatic increases in participation that last over time and as workers change jobs.

2025 Alaska Work and Save Fact Sheet
Summary - 2023 Alaska Small Business Owner Survey
SB21 Bill History and Text (Alaska Legislature)


Pensions for Public Employees

Our public servants - firefighters, teachers, police officers, social workers, and many others – dedicate their lives to caring for Alaskans. They sacrifice daily to build stronger communities throughout Alaska, knowing that it means modest wages for hard work. We need to honor their commitment and take steps now to build a strong retirement system that will care for them in their later years.

In Alaska, where teachers and some other public employees do not participate in Social Security, the average pension benefit is between $2,133 and $3,176 per month. A defined benefit pension plan is essential for providing retirement security to public employees and their families and strengthening Alaska’s future.

As public employee retirement benefits have declined, we find ourselves consistently falling short of the qualified workforce we need to create strong state services and public education systems. Having the option of a defined benefit pension plan would help Alaska to attract and retain qualified teachers, public safety, and other public sector workers, helping to alleviate the state employee workforce crisis.

In 2024, several former state employees (also AARP volunteers) joined us to talk about why the pension program is critical for Alaskans and Alaska. Watch those videos videos: