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Managed Accounts (My Total Retirement) Closure

The Alaska Retirement Management Board (ARMB) is the fiduciary of the retirement system and responsible for providing a range of investment options for the following retirement accounts: the Public Employees' (PERS), Teachers (TRS) Defined Contribution Retirement (DCR) Plan, the Supplemental Annuity Plan (SBS-AP) and the public employees' Deferred Compensation Plan. The ARMB monitors the performance of the range of investment options for the accounts and establishes the rules by which participants can direct their investments among those options. 

The ARMB recommended the closure of managed accounts (My Total Retirement) at its March 6-7, 2024, meeting following thorough analysis and deliberations. More information explaining why this recommendation was made it set out in ARMB Resolutions 2023-18 and 2024-01, the Managed Accounts Closure Q & A document, and meeting materials accessible from this page.  

Effective November 15, 2024, the "My Total Retirement" advisory service offered by Empower will be discontinued.  This includes Managed Accounts and the Advice feature. 

No immediate action is required; however, you may want to consider the following steps to help safeguard your retirement savings against potential market downturns while still benefiting from growth opportunities:

  • Log into Your Account: Please log into the Empower website to review your current investment allocation.
  • Review Your Investments: Navigate to the Investing tab and select the Allocation tab. Here, you can see the percentage of your assets currently invested in Domestic and International Stocks. Add the percentages together to see your total percentage invested in Stocks.
  • Compare to Alaska Glidepath: We recommend that you compare your current percentage invested in Stocks to the Alaska Glidepath Target Date Fund Stock Percentage appropriate for your age (click here to view the Alaska Target Date Glidepath). This comparison will help you assess whether your current asset allocation aligns with the recommended glidepath for your retirement planning.
  • Consider Gradual Rebalancing: If you decide to rebalance your portfolio, you may want to consider doing so gradually over time. This approach can help avoid making sudden changes to your portfolio that could be more deeply impacted by the timing of market fluctuations. Gradual rebalancing allows you to adjust your asset allocation in smaller steps, reducing the risk associated with market volatility and helping to maintain a more stable investment trajectory.
  • Consult with a Financial Advisor: Depending on the degree of difference between your current asset allocation and the Alaska Glidepath Target Date Fund, you may want to discuss with your financial advisor whether it would be beneficial to rebalance your current assets. Rebalancing can help ensure that your investments are properly aligned with your risk tolerance and retirement goals, especially as you get closer to retirement.

      ARMB Managed Accounts Deliberations & Actions

MARCH 2024

OCTOBER 2023