Form TRS037 Former Member Election of Participation - Defined Benefit Plan or Defined Contribution Retirement Plan - Alaska

What Is Form TRS037?

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 TRS037?A: Form TRS037 is a document used by former members of the Teachers' Retirement System (TRS) in Alaska to make an election regarding their participation in either a Defined Benefit Plan or a Defined Contribution Retirement Plan.

Q: Who can use Form TRS037?A: Form TRS037 can be used by former members of the Teachers' Retirement System (TRS) in Alaska.

Q: What is the purpose of Form TRS037?A: The purpose of Form TRS037 is to allow former TRS members to choose between participating in a Defined Benefit Plan or a Defined Contribution Retirement Plan.

Q: What are Defined Benefit and Defined Contribution Plans?A: A Defined Benefit Plan is a retirement plan where the future benefit is based on a formula, usually using factors such as salary and years of service. A Defined Contribution Retirement Plan is a retirement plan where the employer and/or employee make contributions to an individual account, and the future benefit is based on the investment performance of that account.

Q: Why do former TRS members need to make an election?A: Former TRS members need to make an election to determine the type of retirement plan they want to participate in going forward.

Q: Are there any deadlines for submitting Form TRS037?A: Yes, there are deadlines for submitting Form TRS037. It is important to check the specific deadline provided by the Alaska Teachers' Retirement System.

Q: What happens if a former TRS member does not submit Form TRS037?A: If a former TRS member does not submit Form TRS037, they may be automatically enrolled in the Defined Benefit Plan.

Q: Can a former TRS member change their election later?A: Once a former TRS member makes an election on Form TRS037, it is generally not possible to change the election later, so it is important to carefully consider the options before making a decision.