2003-05-21                     House Journal                      Page 2070
HB 331                                                                                            
HOUSE BILL NO. 331 by the House Rules Committee by request of                                       
the Governor, entitled:                                                                             
                                                                                                    
     "An Act relating to federal requirements for governmental plan                                 
     and other qualifications for the teachers' retirement system, the                              
     public employees' retirement system, and the judicial retirement                               
     system; and providing for an effective date."                                                  
                                                                                                    
was read the first time and referred to the State Affairs, Labor &                                  
Commerce, and Finance Committees.                                                                   
                                                                                                    
                                                                                                    
The following fiscal note(s) apply:                                                                 
                                                                                                    
1.  Zero, Dept. of Administration                                                                   
                                                                                                    
                                                                                                    
The Governor's transmittal letter dated May 20, 2003, follows:                                      
                                                                                                    
"Dear Speaker Kott:                                                                                 
                                                                                                    
Under the authority of art. III, sec. 18, of the Alaska Constitution, I am                          
transmitting a bill relating to federal requirements for governmental                               
plan qualifications for the teachers' retirement system, the public                                 
employees' retirement system, and the judicial retirement system, as                                
required by the federal Internal Revenue Service.                                                   
                                                                                                    
This bill also would further implement changes that allow retirement                                
system members to selectively transfer pre-tax money, or make                                       
additional contributions, to repay indebtedness and to purchase                                     
permissible service credits in the Alaska retirement systems.  These                                
changes would allow members to better plan their retirement and to                                  

2003-05-21                     House Journal                      Page 2071
make their financial future more secure.  Taking advantage of such tax                              
law provisions would strengthen the retirement systems in a cost-                                   
effective manner.                                                                                   
                                                                                                    
                                Sincerely,                                                         
                                /s/                                                                 
                                Frank H. Murkowski                                                  
                                Governor"