00CS FOR HOUSE BILL NO. 159(FIN) am                                                                                     
01 "An Act permitting certain employees in state correctional facilities or employed                                       
02 in the Department of Corrections to convert their credited service under the                                            
03 public employees' retirement system to credited service as peace officers."                                             
04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                               
05    * Section 1.  AS 39.35.370 is amended by adding a new subsection to read:                                          
06  (g)  When an employee who was employed in the public employees' retirement                                            
07 system as an employee of a state correctional facility, as defined in AS 33.30.901,                                     
08 other than as a correctional officer or correctional superintendent or who was employed                                 
09 in the Department of Corrections in a management position in the division with                                          
10 responsibility for institutions or the division with responsibility for community                                       
11 corrections applies for appointment to retirement, the employee may convert the                                         
12 credited service for that position to credited service as a peace officer by claiming the                               
13 service as peace officer service.  An employee who has converted credited service to                                    
14 peace officer service under this subsection shall be treated as a peace officer for                                     

01 purposes of this chapter.  When the member claims this credited service as peace                                        
02 officer service, an indebtedness of the member to the system shall be established.  The                                 
03 indebtedness is equal to the full actuarial cost of the conversion of the credited service                              
04 to treatment as peace officer service.  Any outstanding indebtedness that exists at the                                 
05 time the member is appointed to retirement will require an actuarial adjustment to the                                  
06 benefits payable based upon the conversion of the credited service. In this subsection,                                 
07 "management position" includes positions as division director, deputy director, and                                     
08 assistant director.