03/03/2008 04:31 PM Joint SB125

CSSB 125(FIN)                                                                                                                   
     "An  Act  relating  to the  accounting  and  payment  of                                                                   
     contributions under  the retirement plans  of the Public                                                                   
     Employees'   Retirement   System  of   Alaska  and   the                                                                   
     Teachers'   Retirement   System,  to   calculations   of                                                                   
     contributions  under  those  retirement  plans,  and  to                                                                   
     participation in,  and termination of and  amendments to                                                                   
     participation  in, the  defined benefit  plans of  those                                                                   
     systems;  relating  to  employer  contributions  to  the                                                                   
     health    reimbursement    arrangement   plan;    making                                                                   
     conforming  amendments; and  providing for an  effective                                                                   
     date."                                                                                                                     
                                                                                                                                
And                                                                                                                             
                                                                                                                                
HCS CSSB 125(FIN)                                                                                                               
     "An  Act  relating  to the  accounting  and  payment  of                                                                   
     contributions under  the retirement plans  of the Public                                                                   
     Employees'   Retirement   System  of   Alaska  and   the                                                                   
     Teachers'   Retirement   System,  to   calculations   of                                                                   
     contributions  under  those  retirement  plans,  and  to                                                                   
     participation in,  and termination of and  amendments to                                                                   
     participation  in, the  defined benefit  plans of  those                                                                   
     systems; relating to recovery  of an award of damages or                                                                   
     other recovery  by those  systems; relating  to employer                                                                   
     contributions  to the  health reimbursement  arrangement                                                                   
     plan;   relating   to  participation   in   the   public                                                                   
     employees' defined contribution  plan by certain elected                                                                   
     officials; making  conforming amendments;  and providing                                                                   
     for an effective date."                                                                                                    
                                                                                                                                
                                                                                                                                
Co-Chair   Chenault  MOVED   to   ADOPT  proposed   committee                                                                   
substitute, work draft                                                                                                          
                                                                                                                                
4:35:15 PM                                                                                                                    
                                                                                                                                
Miles Baker,  Staff, Co-Chair  Stedman,  reviewed the  CS. He                                                                   
observed that  there were five  categories that needed  to be                                                                   
revised. // He noted the changes were made in the CS.                                                                           
                                                                                                                                
Mr.  Baker   observed   that  the  legislation   is   not  an                                                                   
appropriation  bill, but requires  payments from  the system.                                                                   
The intent language clarifies  that payments would be made in                                                                   
a separate  piece of legislation.  The funding  was contained                                                                   
in  legislation  passed by  the  House Finance  Committee  on                                                                   
March 3, 2008 [HCS CSSB 72 (FIN)].                                                                                              
                                                                                                                                
4:40:37 PM                                                                                                                    
                                                                                                                                
Mr.  Baker reviewed  the  sections.  Section  11 changes  the                                                                   
calculation  of  the payroll  floor  from  FY  07 to  FY  08.                                                                   
Section  17 is  similar  and  deals with  termination  costs.                                                                   
Costs  associated with  termination would  be FY  08 for  the                                                                   
floor.                                                                                                                          
                                                                                                                                
Section 26, Transition Language, was deleted. This section                                                                      
                                                                                                                                
4:43:10 PM                                                                                                                    
                                                                                                                                
Mr. Baker  reviewed the fiscal  note. Page 3 is  the schedule                                                                   
of payments  and details which  employers are eligible  for a                                                                   
grant payment.                                                                                                                  
                                                                                                                                
4:45:12 PM                                                                                                                    
                                                                                                                                
There being NO OBJECTION, it was so ordered.                                                                                    
                                                                                                                                
Co-Chair Chenault  MOVED to report out of Committee  with the                                                                   
accompanying fiscal note                                                                                                        
                                                                                                                                
ADJOURNMENT                                                                                                                   
                                                                                                                                
The meeting was adjourned at 4:46 PM