00 Enrolled HB 306
01 Relating to disbursement options under the Public Employees' Retirement System of Alaska
02 and the Teachers' Retirement System of Alaska for participants in the defined contribution
03 plan; and providing for an effective date.
04 _______________
05 * Section 1. AS 14.25.420(a) is amended to read:
06 (a) A participant may elect to receive distribution of the participant's share of
07 the individual account in a
08 (1) lump sum payment, which is a single payment of the entire balance
09 in the account;
10 (2) periodic lump sum payment, which is a payment of a portion of the
11 balance in the account, not more than twice each year;
12 (3) period certain annuity payment, which is an annuity payable in a
13 fixed number of monthly installments for a duration of 60, 120, or 180 months;
14 (4) life annuity with a period certain payment, which is an annuity
01 payable until the later of the first day of the month in which the annuitant's death
02 occurs, or the date on which the payment of a fixed number of monthly installments is
03 completed; the period certain for installments is 120 or 180 months;
04 (5) single life annuity payment, which is an annuity payable monthly
05 until the first of the month in which the annuitant's death occurs; [OR]
06 (6) joint and survivor annuity payment, which is an annuity payable
07 monthly to the member until the first of the month in which the member's death
08 occurs; after the member's death, a survivor annuity equal to 50 percent or 100 percent
09 of the member's benefit, as previously elected by the member, shall be paid monthly to
10 the joint annuitant for the remainder of the survivor's lifetime; or
11 (7) payment as authorized by a regulation adopted by the
12 commissioner of administration.
13 * Sec. 2. AS 39.35.820(a) is amended to read:
14 (a) A participant may elect to receive the participant's share of the individual
15 account in a
16 (1) lump sum payment, which is a single payment of the entire balance
17 in the account;
18 (2) periodic lump sum payment, which is a payment of a portion of the
19 balance in the account, not more than twice each year;
20 (3) period certain annuity payment, which is an annuity payable in a
21 fixed number of monthly installments for a duration of 60, 120, or 180 months;
22 (4) life annuity with a period certain payment, which is an annuity
23 payable until the later of the first day of the month in which the annuitant's death
24 occurs, or the date on which the payment of a fixed number of monthly installments is
25 completed; the period certain for installments is 120 or 180 months;
26 (5) single life annuity payment, which is an annuity payable monthly
27 until the first of the month in which the annuitant's death occurs; [OR]
28 (6) joint and survivor annuity payment, which is an annuity payable
29 monthly to the member until the first of the month in which the member's death
30 occurs; after the member's death, a survivor annuity equal to 50 percent or 100 percent
31 of the member's benefit, as previously elected by the member, shall be paid monthly to
01 the joint annuitant for the remainder of the survivor's lifetime; or
02 (7) payment as authorized by a regulation adopted by the
03 commissioner of administration.
04 * Sec. 3. The uncodified law of the State of Alaska is amended by adding a new section to
05 read:
06 TRANSITION: REGULATIONS. (a) The commissioner of administration may adopt
07 regulations necessary to implement this Act. Regulations adopted by the commissioner of
08 administration under this Act relate to the internal management of a state agency and are not
09 subject to AS 44.62 (Administrative Procedure Act) under AS 14.25.005 and AS 39.35.005.
10 (b) Regulations adopted under this section may not take effect before the effective
11 date of the law being implemented by the regulation.
12 * Sec. 4. Section 3 of this Act takes effect immediately under AS 01.10.070(c).