00HOUSE BILL NO. 206                                                                                                    
01 "An Act relating to credit under the Public Employees' Retirement System for                                            
02 service as a village public safety officer."                                                                            
03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                               
04    * Section 1.  AS 39.35 is amended by adding a new section to read:                                                 
05  Sec. 39.35.342.  Village public safety officer service.  (a)  A vested employee                                     
06 is entitled to credited service for employment as a village public safety officer under                                 
07 the program established under AS 18.65.670.  The credited service allowed may not                                       
08 exceed an aggregate period of five years.  Benefits are not payable on credited service                                 
09 for village public safety officer service unless the employee makes retroactive                                         
10 contributions to the system for the period of time that service credit is claimed.                                      
11  (b)  In order to obtain credited service under this section, an employee shall                                        
12 make an election to do so and shall verify the period of service as a village public                                    
13 safety officer.  When eligibility for credited service for village public safety officer                                
14 service has been established, an indebtedness shall be determined.  The amount of the                                   

01 indebtedness is equal to the full actuarial cost of providing benefits based on the                                     
02 service as a village public safety officer.  Interest as prescribed by regulation accrues                               
03 on this indebtedness beginning on the date the actuarial cost is established.  Any                                      
04 outstanding indebtedness that exists at the time a person is appointed to retirement                                    
05 necessitates an actuarial adjustment to the benefits payable based upon service as a                                    
06 village public safety officer.                                                                                          
07  (c)  The credited service granted under this section may not be used to satisfy                                       
08 the credited service requirements for normal retirement.