00                            HOUSE BILL NO. 375                                                                          
01 "An Act relating to the retirement benefit liability account and appropriations from that                               
02 account; relating to deposits of certain income earned on money received as a result of                                 
03 State v. Amerada Hess, et al., 1JU-77-847 Civ. (Superior Court, First Judicial District);                               
04 and providing for an effective date."                                                                                   
05 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
06    * Section 1. AS 37.10 is amended by adding a new section to read:                                                  
07                Article 4A. Retirement Benefit Liability Account.                                                      
08            Sec. 37.10.200. Retirement benefit liability account. (a) The retirement                                   
09       benefit liability account is created in the Department of Revenue.                                                
10            (b)  Money in the retirement benefit liability account may be appropriated to                                
11       the state and political subdivisions of the state, including regional educational                                 
12       attendance areas, for employer contributions to pay past service liabilities of the public                        
13       employees' retirement system and the teachers' retirement system and for other                                    
14       purposes. Income earned on money in the account may be appropriated to the account                                

01       annually.                                                                                                         
02            (c)  Nothing in this section dedicates funds for a specific purpose.                                         
03            (d)  In this section, "employer contribution" means a contribution described in                              
04       AS 14.25.070(a) and AS 39.35.270(a).                                                                              
05    * Sec. 2. AS 37.13.145(d) is amended to read:                                                                      
06            (d)  Notwithstanding (b) of this section, income earned on money awarded in                                  
07       or received as a result of State v. Amerada Hess, et al., 1JU-77-847 Civ. (Superior                               
08       Court, First Judicial District), including settlement, summary judgment, or adjustment                            
09       to a royalty-in-kind contract that is tied to the outcome of this case, or interest earned                        
10       on the money, or on the earnings of the money shall be treated in the same manner as                              
11       other income of the Alaska permanent fund, except that it is not available for                                    
12       distribution to the dividend fund or for transfers to the principal under (c) of this                             
13       section, and that half shall be annually deposited into the Alaska capital income fund                        
14       (AS 37.05.565) and half shall be annually deposited into the retirement benefit                               
15       liability account (AS 37.10.200).                                                                             
16    * Sec. 3. This Act takes effect June 30, 2006.