Legislature(2017 - 2018)
2018-01-24 Senate Journal
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Full Journal pdf2018-01-24 Senate Journal Page 1817 retirement system (AS 14.25) hired after July 1, 2006. Each plan includes provisions for membership, participation, contributions by members and employers, and distribution of a participant’s share. Currently, the law places statutory restrictions on the forms of distribution. Unfortunately, for plan participants, the statutory options have proven to be inflexible and serve to limit plan participant options. The Division of Retirement and Benefits has found through surveys that plan participants desire further options, including an option for a guaranteed lifetime income product. To meet this need, the Department of Revenue (DOR) and the Department of Administration (DOA) are considering available options and will make those recommended options available for consideration bythe Alaska Retirement Management Board in the spring of 2018. This bill would provide DOA with the ability to put plan options in regulation. Through the regulation process, DOA would have more flexibility to respond to participant needs. This will result in better options for participants, enhance the desirability of public service as a career, and provide a more stable financial future for plan participants. I urge your prompt and favorable action on this measure. Sincerely, /s/ Bill Walker Governor SB 160 SENATE BILL NO. 160 BY SENATOR BEGICH, entitled: "An Act relating to the regulation of broadband Internet; and making certain actions by broadband Internet service providers unlawful acts or practices under the Alaska Unfair Trade Practices and Consumer Protection Act." was read the first time and referred to the Labor and Commerce and State Affairs Committees.