Bill > SB46

This bill: - Amends various provisions of the Alaska teachers' retirement system and public employees' retirement system to restore tenure rights for certain disabled individuals, provide employees an opportunity to choose between defined benefit and defined contribution retirement plans, and make other changes to the administration and requirements of the retirement systems. - Requires teachers and public employees who first participate in the retirement plans after June 30, 2006 to contribute a higher percentage of their compensation to the plans. - Imposes new requirements for disabled members to apply for vocational rehabilitation and seek employment in order to continue receiving disability benefits. - Modifies the provisions for retiree major medical insurance coverage, including requiring members who first participate after June 30, 2006 to pay a larger percentage of the premium costs. - Allows certain teachers and public employees who were previously enrolled in the defined contribution retirement plans to make a one-time election to transfer to the defined benefit retirement plans. - Requires employers participating in the defined contribution retirement plans to also participate in the defined benefit retirement plans.