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).