00CS FOR HOUSE BILL NO. 206(FIN)                                                                                        
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.  An employee is not entitled to credited                                    
08 service for employment as a village public safety officer unless the employee was                                       
09 employed as a village public safety officer for at least one year.  The credited service                                
10 allowed may not exceed an aggregate period of five years.  Benefits are not payable                                     
11 on credited service for village public safety officer service unless the employee makes                                 
12 retroactive contributions to the system for the period of time that service credit is                                   
13 claimed.                                                                                                                
14  (b)  In order to obtain credited service under this section, an employee shall                                        

01 make an election to do so and shall verify the period of service as a village public                                    
02 safety officer.  When eligibility for credited service for village public safety officer                                
03 service has been established, an indebtedness shall be determined.  The amount of the                                   
04 indebtedness is equal to the full actuarial cost of providing benefits based on the                                     
05 service as a village public safety officer.  Interest as prescribed by regulation accrues                               
06 on this indebtedness beginning on the date the actuarial cost is established.  Any                                      
07 outstanding indebtedness that exists at the time a person is appointed to retirement                                    
08 necessitates an actuarial adjustment to the benefits payable based upon service as a                                    
09 village public safety officer.                                                                                          
10  (c)  The credited service granted under this section may not be used to satisfy                                       
11 the credited service requirements for normal retirement.                                                                
12  (d)  An employee is not entitled to credited service under this section if the                                        
13 employee is entitled to receive retirement benefits from another employer for the same                                  
14 service.