Legislature(2007 - 2008)
02/20/2008 08:06 AM Joint SB125
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* first hearing in first committee of referral
+ teleconferenced
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+ teleconferenced
= bill was previously heard/scheduled
SENATE/HOUSE
CONFERENCE COMMITTEE
On SB 125
February 20, 2008
8:06 a.m.
CALL TO ORDER
Co-Chair Hoffman called the Conference Committee meeting to
order at 8:06:31 AM.
MEMBERS PRESENT
Senator Lyman Hoffman, Chair
Senator Charlie Huggins
Senator Con Bunde
Representative Kevin Meyer, Chair
Representative Ralph Samuels
Representative Beth Kerttula
MEMBERS ABSENT
None
ALSO PRESENT
Annette Kreitzer, Commissioner, Department of Administration
PRESENT VIA TELECONFERENCE
None
SUMMARY
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 Hoffman noted that the two versions of SB 125 were
before the Committee. He observed that that there were some
minor changes that could be made under limited powers of
free conference, but he recommended that a Free Conference
Committee make these changes in order to expedite the
passage of SB 125.
8:07:48 AM
ANNETTE KREITZER, COMMISSIONER, DEPARTMENT OF
ADMINISTRATION, explained that the SB 123 technical
amendments were passed. Sections from SB 123 were inserted
into SB 125:
· Substantive Changes Requiring Powers of Free
Conference:
· Removing all references to SB 123 which become law June
7, 2007
Both bills made adjustments to retirement system
statutes and were traveling in tandem last year.
Since SB 123 become law and SB 125 didn't,
contingent references to SB 123 need to be
removed.
· Updated Effective Date Clauses as a result of one year
delay
· Remove "Catch up" provision dealing with elected
officials participating in the PERS Defined Benefit
Plan. This provision is no longer necessary.
· Due to one-year delay, must reconfigure contribution
rate percentages for employers in the "Hold Harmless"
category (current actuary rates below 22%) and the
"Heroes" category (contributed excess amounts into the
unfunded liability during 2005-2007) lists, based on
the latest actuary report (June 30, 2006 data) and
current FY07 payroll data.
· Restate employers' salary base floor from FY07 to FY08
· Restate fiscal year effective dates.
8:09:37 AM
Co-Chair Hoffman related that it was his belief that this
committee cannot reach agreement on the provisions of SB 125,
without limited powers of free conference. Therefore, I
would like to entertain a motion that we sign a letter
addressed to the Speaker of the House of Representatives and
the President of the Senate requesting that the Conference
Committee on SB 125 be discharged and a free conference
committee be appointed.
Senator Huggins MOVED to ADOPT a letter addressed to the
Speaker of the House of Representatives and the President of
the Senate requesting that the Conference Committee on SB
125 be discharged and a free conference committee be
appointed.
There being NO OBJECTION, it was so ordered.
8:10:04 AM
Senator Bunde questioned how action on pension obligation
bonds would affect SB 125. Ms. Kreitzer did not think they
would affect SB 125.
8:11:07 AM
ADJOURNMENT
The meeting was adjourned at 8:11 AM.
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