Legislature(2017 - 2018)ADAMS ROOM 519
04/11/2018 01:30 PM House FINANCE
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| Audio | Topic |
|---|---|
| Start | |
| HB384 | |
| SB32 | |
| HB384 | |
| SB32 | |
| HB306 | |
| SB4 | |
| Adjourn |
* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
+ teleconferenced
= bill was previously heard/scheduled
| += | HB 339 | TELECONFERENCED | |
| += | SB 32 | TELECONFERENCED | |
| + | SB 4 | TELECONFERENCED | |
| + | TELECONFERENCED | ||
| += | HB 306 | TELECONFERENCED | |
| += | HB 384 | TELECONFERENCED | |
HOUSE BILL NO. 306
"An Act relating to disbursement options under the
Public Employees' Retirement System of Alaska and the
Teachers' Retirement System of Alaska for participants
in the defined contribution plan; and providing for an
effective date."
4:07:21 PM
AT EASE
4:07:53 PM
RECONVENED
Vice-Chair Gara relayed that the bill was previously heard
on April 9, 2018.
JANE PIERSON, STAFF, REPRESENTATIVE NEAL FOSTER, reported
the changes in the committee substitute (CS). She explained
that Legislative Legal Services concurred that a
"diminishment of existing benefits" would possibly occur.
The CS left the original six disbursement options unchanged
in the bill and changed the seventh disbursement to read
"payment as authorized by regulation or adopted by the
commissioner of the Department of Administration (DOA)."
Representative Ortiz wondered about the impact of the
change. Ms. Pierson explained that a constitutional
provision stated that benefits already promised via
contract could not be diminished. The change ensured that
the original distribution methods remained in statute.
Representative Guttenberg asked whether the Alaska
Retirement Management Board (ARMB) could "add more by
regulation." Ms. Pierson replied that the payment was
authorized by the commissioner of DOA.
Representative Wilson MOVED to ADOPT the proposed committee
substitute for HB 306, Work Draft 30-GH2815\J (Wayne,
4/11/18). There being NO OBJECTION, it was so ordered.
4:10:50 PM
SYLVAN ROBB, DEPUTY COMMISSIONER, DEPARTMENT OF
ADMINISTRATION, answered that the regulations would be
adopted by the commissioner of the Department of
Administration based on Alaska Retirement Management Board
recommendations.
Representative Wilson presumed the change did not impact
the zero fiscal note. Ms. Robb replied in the affirmative.
Vice-Chair Gara reviewed the new zero fiscal note from DOA.
Vice-Chair Gara MOVED to REPORT CSHB 306(FIN) out of
committee with individual recommendations and the
accompanying fiscal note(s). There being NO OBJECTION, it
was so ordered.
CSHB 306(FIN) was REPORTED out of committee with a "do
pass" recommendation and with one zero fiscal note from the
Department of Administration.
4:13:14 PM
AT EASE
4:13:58 PM
RECONVENED