Bill > HB78

This bill allows certain public employees and teachers in Alaska to choose between the state's defined benefit retirement plan, which provides a guaranteed monthly income in retirement, and the defined contribution retirement plan, where retirement income depends on investment performance. Specifically, it provides an opportunity for teachers and public employees who joined their respective retirement systems after June 30, 2006, and before July 1, 2027, and who are currently in the defined contribution plan, to elect to move back to the defined benefit plan, provided they meet certain conditions, such as not having received a full distribution of their defined contribution account. The bill also makes various adjustments to retirement plan rules, contribution calculations, and medical benefit eligibility for different groups of members, including those who first became members after June 30, 2006, and reemployed individuals. It also clarifies rules for employers participating in these retirement systems and allows for the establishment of sub-trusts for members who joined after June 30, 2006, to ensure adequate funding for their benefits.

Budget and Finance, Business and Industry

Finance (House)

https://www.akleg.gov/basis/Bill/Detail/34?Root=HB78