1993-04-29                     Senate Journal                      Page 1924
HB 81                                                                        
define the term "unforeseeable emergency" by regulation.  An                   
individual may only make one withdrawal under this section and                 
may pay it back with interest under terms established by the                   
commissioner.  An individual who has made a withdrawal under this              
section may not elect to credit a dividend or make a cash                      
contribution to an annuity account for two years after the withdrawal.         
   * Sec. 9.  AS 47.45.015, as enacted by sec. 18, ch. 99, SLA               
1985, is amended to read:                                                      
Sec. 47.45.015.  AMOUNT OF BONUS.  (a)  Except as                              
provided in (b) of this section, the monthly longevity bonus is equal          
to $250, minus the maximum possible straight life annuity [FOR A               
PERSON 65 YEARS OF AGE] under the annuity program (AS                          
43.23.110 - 43.23.130), as determined by the commissioner of                   
administration.  The maximum possible straight life annuity equals           
the amount a person would receive if that person became 65 on                  
January 2, 1995, and contributed 100 percent of all permanent                  
fund dividends or the cash equivalency to the annuity program                  
for every year after December 31, 1993.  However, for purposes                 
of this section the maximum possible straight life annuity may                 
not exceed the amount that a person turning 65 in the current                  
year would receive if that person had contributed 100 percent of               
all permanent fund dividends or the cash equivalency to the                    
annuity program for every year after December 31, 1994.                      
(b)  A person who is 65 years of age on or before January                      
1, 1995 [1988], is entitled to the full longevity bonus payment            
without reduction for the annuity program.                                     
   * Sec. 10.  AS 43.23.110(c), as enacted by sec. 16, ch. 99, SLA           
1985, and sec. 1, ch. 99, SLA 1985, are repealed.                              
   * Sec. 11.  Chapter 99, SLA 1985, and secs. 1 - 10 of this Act            
apply only to permanent fund dividends for years beginning after               
December 31, 1993.  Notwithstanding the amendments to AS 43.23                 
made by ch. 99, SLA 1985, and this Act, permanent fund dividends               
for 1993 and prior years shall be made under the law as it existed             
before the effective date of this Act.                                         
   * Sec. 12.  Nothing in this Act repeals or amends by implication          
amendments to AS 43.23 or AS 47.45 enacted after 1985.