Bill > SB88

This bill provides certain employees an opportunity to choose between the defined benefit and defined contribution plans of the Public Employees' Retirement System of Alaska and the teachers' retirement system. The key provisions of the bill are: This bill allows teachers who first became members of the defined contribution retirement plan after June 30, 2006 and before July 1, 2024, as well as employees who first became members of the defined contribution retirement plan of the public employees' retirement system after June 30, 2006 and before July 1, 2024, to make a one-time election to participate in the defined benefit retirement plan instead. It establishes procedures for these employees to purchase credited service in the defined benefit plan using the balance of their individual accounts in the defined contribution plan. The bill also makes various changes to employer and employee contributions, retirement eligibility, and cost-of-living adjustments for members of the defined benefit plans, including establishing different provisions for those who first became members after June 30, 2006. Additionally, the bill establishes new retiree medical benefit provisions for employees first hired after June 30, 2006.

Business and Industry, Government Affairs

https://www.akleg.gov/basis/Bill/Detail/33?Root=SB88