Bill > SB27

This bill makes several significant changes to the Teachers' and Public Employees' Retirement Systems in Alaska. It provides teachers and public employees who were first hired after June 30, 2006, and were previously in the defined contribution retirement plan, a one-time opportunity to transfer back to the defined benefit retirement plan within 90 days of the bill's effective date. The bill modifies provisions related to disability benefits, requiring members appointed to disability benefits to apply for vocational rehabilitation programs and potentially losing benefits if they fail to cooperate or seek employment. It also updates contribution rates for employees, with newer employees contributing 8% instead of the previous 6.75% or 7.5%, and adjusts rules for major medical insurance coverage for retirees based on years of service. Additionally, the bill restores tenure rights for teachers who were retired due to disability and have since recovered or been rehabilitated, and makes provisions for elected officials of political subdivisions to participate in the retirement system under certain conditions. The changes aim to provide more flexibility and support for public employees in their retirement planning while ensuring ongoing system sustainability.

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https://www.akleg.gov/basis/Bill/Detail/34?Root=SB27