Legislature(2023 - 2024)BELTZ 105 (TSBldg)
03/15/2023 01:30 PM Senate LABOR & COMMERCE
Note: the audio ![]()
and video ![]()
recordings are distinct records and are obtained from different sources. As such there may be key differences between the two. The audio recordings are captured by our records offices as the official record of the meeting and will have more accurate timestamps. Use the icons to switch between them.
| Audio | Topic |
|---|---|
| Start | |
| SB88 | |
| Adjourn |
* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
+ teleconferenced
= bill was previously heard/scheduled
| *+ | SB 88 | TELECONFERENCED | |
ALASKA STATE LEGISLATURE
SENATE LABOR AND COMMERCE STANDING COMMITTEE
March 15, 2023
1:36 p.m.
MEMBERS PRESENT
Senator Jesse Bjorkman, Chair
Senator Click Bishop, Vice Chair
Senator Elvi Gray-Jackson
Senator Kelly Merrick
Senator Forrest Dunbar
MEMBERS ABSENT
All members present
COMMITTEE CALENDAR
SENATE BILL NO. 88
"An Act relating to the Public Employees' Retirement System of
Alaska and the teachers' retirement system; providing certain
employees an opportunity to choose between the defined benefit
and defined contribution plans of the Public Employees'
Retirement System of Alaska and the teachers' retirement system;
and providing for an effective date."
- HEARD AND HELD
PREVIOUS COMMITTEE ACTION
BILL: SB 88
SHORT TITLE: RETIREMENT SYSTEMS; DEFINED BENEFIT OPT.
SPONSOR(s): SENATOR(s) GIESSEL
03/01/23 (S) READ THE FIRST TIME - REFERRALS
03/01/23 (S) L&C, FIN
03/13/23 (S) L&C AT 1:30 PM BELTZ 105 (TSBldg)
03/13/23 (S) Heard & Held
03/13/23 (S) MINUTE(L&C)
03/15/23 (S) L&C AT 1:30 PM BELTZ 105 (TSBldg)
WITNESS REGISTER
SENATOR CATHY GIESSEL, District E
Alaska State Legislature
Juneau, Alaska
POSITION STATEMENT: Sponsor of SB 88.
JULIA O'CONNOR, Staff
Senator Cathy Giessel
Alaska State Legislature
Juneau, Alaska
POSITION STATEMENT: Resumed reading the sectional analysis for
SB 88.
SONJA KAWASAKI, Senate Counsel to the Majority Coalition
Alaska State Legislature
Juneau, Alaska
POSITION STATEMENT: Presented the Summary Table for SB 88.
MINDY VOIGT, Retirement Operations Manager
Public Employees Retirement System
Division of Retirement and Benefits
Department of Administration (DOA)
Juneau, Alaska
POSITION STATEMENT: Answered questions on SB 88.
EDWARD "TED" SIEDLE, Financial Pension Expert
Boca Raton, Florida
POSITION STATEMENT: Gave a presentation on the need for a
defined benefit pension plan.
BILL POPP, President and CEO
Anchorage Economic Development Corporation (AEDC)
Anchorage, Alaska
POSITION STATEMENT: Gave a brief presentation on the need for a
defined benefit pension plan.
LISA PARADY, Executive Director
Alaska Council of School Administrators (ACSA)
Juneau, Alaska
POSITION STATEMENT: Presented a slide show on SB 88 in support
of SB 88.
JORDAN ADAMS, Business Manager
Public Employees Local 71
Anchorage, Alaska
POSITION STATEMENT: Gave invited testimony in support of SB 88.
ACTION NARRATIVE
1:36:39 PM
CHAIR JESSE BJORKMAN called the Senate Labor and Commerce
Standing Committee meeting to order at 1:36 p.m. Present at the
call to order were Senators Gray-Jackson, Dunbar, Merrick, and
Chair Bjorkman. Senator Bishop joined the meeting immediately
thereafter.
SB 88-RETIREMENT SYSTEMS; DEFINED BENEFIT OPT.
1:37:25 PM
CHAIR BJORKMAN announced the consideration of SENATE BILL NO. 88
"An Act relating to the Public Employees' Retirement System of
Alaska and the teachers' retirement system; providing certain
employees an opportunity to choose between the defined benefit
and defined contribution plans of the Public Employees'
Retirement System of Alaska and the teachers' retirement system;
and providing for an effective date."
SENATOR BJORKMAN noted that this was the second hearing, and
expressed his intention to complete the sectional analysis,
review a Summary Table, and hear invited testimony. He asked
Senator Giessel to put herself on the record and resume
explaining the bill.
1:37:45 PM
SENATOR BISHOP joined the meeting.
1:38:01 PM
SENATOR CATHY GIESSEL, District E, Alaska State Legislature,
Juneau, Alaska, sponsor of SB 88, clarified the following points
the committee discussed on March 13 concerning:
1. a document in the backup material pertaining to the actuarial
implications of [Senate] Bill 55, [Ch. 9, SLA 21], prepared
by William Fornia, President, Pension Trustee Advisors. This
document describes actuarial assessment elements incorporated
into SB 88. She reiterated that Senate Bill 55 parallels SB
88 very closely.
2. the PowerPoint presentation "Pension and Healthcare Trust
Combined Valuation." Slide 18 calculates the "actuarial value
of assets (AVA)" funding ratio if the pension and healthcare
funds were combined. She said the two funds sparked
conversations about whether statutes would allow that. She
said more information would be forthcoming as tax attorneys
and others review the subject.
1:40:40 PM
CHAIR BJORKMAN invited Ms. O'Connor to put herself on the record
and resume the sectional analysis she began to review on March
13.
1:40:57 PM
JULIA O'CONNOR, Staff, Senator Cathy Giessel, Alaska State
Legislature, Juneau, Alaska, resumed reading the sectional
analysis from where she had left off on March 13, Section 55.
The sectional analysis link is available on BASIS under the
bill.
1:51:18 PM
CHAIR BJORKMAN invited Ms. Kawasaki to put herself on the record
and review the Summary Table on SB 88.
1:51:33 PM
SONJA KAWASAKI, Senate Counsel to the Majority Coalition, Alaska
State Legislature, Juneau, Alaska, presented a Summary Table of
policy decisions for SB 88 dated March 3, 2023. She said the
Summary Table is a helpful tool that breaks down subjects in the
bill and references bill proposals by section and page. [The
revised March 10, 2023 Summary Table is available on BASIS under
the bill.]
MS. KAWASAKI explained the structure of the bill. She said the
Public Employees Retirement System (PERS) and Teachers
Retirement System (TRS) statutes are separate. TRS statutory
changes are in Sections 1 - 47 start on page 1 of the bill. PERS
statutory changes are in Sections 62 - 69 and begin on page 35.
The bill includes changes to the administration of TRS and PERS,
found between the TRS and PERS statute changes in Sections 48
and 49. These cover the Alaska Retirement Management (ARM) Board
duties for the new plan. She said changes to medical coverage
statutes affecting TRS and PERS are in Sections 50 - 61, pages
30 - 35.
MS. KAWASAKI described the categories in the Summary Table as
follows:
- Benefit Category
Lists the categories considered by stakeholders and Senator
Giessel.
- Proposed New PERS-PS (Public Safety)
Proposed DB plan for PERS police and firefighter employees.
- Proposed New PERS Non-Public Safety Public Employees (PERS
Non-PS)
- Proposed New Teachers Retirement System (TRS)
- Rationale for Policy Choice
- Bill Section and Page WD [Work Order Number]: 33-LS0505\B
Lists the references for benefits covered in the legislation.
1:53:52 PM
MS. KAWASAKI reviewed the subjects listed in the benefit
category of the Summary Table for SB 88:
Employee Contribution
The bill proposes to allow the ARM Board to adjust the rate from
eight to ten percent depending on the past service cost. The
rate starts at ten percent for the first year. After that, the
ARM Board may adjust the rate, and the variable rate applies to
all three employee categories, PERS-PS, PERS Non-PS, and TRS.
Employees share the risks and contribute more during poor market
returns.
1:54:33 PM
At ease.
1:56:15 PM
CHAIR BJORKMAN reconvened the meeting.
1:56:25 PM
MS. KAWASAKI continued reviewing the subjects listed in the
benefit category of the Summary Table for SB 88:
Employer Contribution
The State of Alaska does not have a maximum contribution limit
for PERS and contributes above 22 percent; however, other PERS
employers have a maximum contribution limit of 22 percent. The
proposed employer contribution limit for most PERS employers
remains 22 percent and 12.56 percent for TRS employers. She said
SB 88 introduces a 12 percent floor once the unfunded liability
is paid off, emphasizing pension experts recommend a rate floor
of no lower than 12 percent.
Vesting
SB 88 proposes a five-year vesting term for all three employee
categories, PERS-PS, PERS Non-PS, and TRS, consistent with prior
PERS DB tiers. TRS employees had an eight-year vesting period.
SB 88 aligns the vesting periods of TRS with PERS.
Qualification for Retirement
PERS-PS Employees: may retire at the age of 50 with 25 years of
service or at the age of 55 with 20 years of service.
PERS Non-PS Public Employees: may retire at 60 or 30 years of
service.
TRS Employees: may retire at 60 or 30 years of service.
1:58:08 PM
SENATOR BISHOP asked whether a requirement based on hours
constitutes a year of service credit towards retirement,
specifically, part-time seasonal employees, like emergency fire
firefighters, Local 71 asphalt workers, and flaggers.
1:59:02 PM
MS. KAWASAKI deferred the question to the Division of Retirement
and Benefits (DRB).
CHAIR BJORKMAN invited a representative from the Division of
Retirement and Benefits to respond to the question.
1:59:25 PM
MINDY VOIGT, Manager, Retirement Operations - Public Employees
Retirement System (PERS), Division of Retirement and Benefits,
Department of Administration (DOA), Juneau, Alaska, answered
that a part-time PERS employee must work 1,560 hours to receive
one year of retirement service credit.
1:59:48 PM
MS. KAWASAKI continued reviewing the subjects listed in the
benefit category of the Summary Table for SB 88.
Benefit Calculation Formula
PERS-PS: 2 percent for the first ten years of service and 2.5
percent after that. This calculation is consistent with the PERS
Tier III benefit formula.
PERS Non-PS: 2 percent for the first ten years of service, 2.25
percent for the next ten years, and 2.5 percent after that. This
calculation is consistent with the PERS Tier III benefit
formula.
TRS: 2 percent for the first ten years of service, 2.25 percent
for the next ten years, and 2.5 percent after that. This differs
from the previous TRS calculation, which was 2 percent for the
first 20 years, and 2.5 percent after that. SB 88 proposes an
incremental increase in the benefit calculation for teachers,
which aligns with the PERS Non-PS calculation.
2:01:11 PM
SENATOR DUNBAR asked whether a seasonal employee would qualify
for one year of retirement service credit by working 1,560 hours
accumulated over the years.
2:01:57 PM
MS. VOIGT replied that a part-time employee's service credit
calculation divides the total number of hours worked in a
calendar year by 1,560 and that credited service accrues
annually towards the five-year [vesting requirement] for PERS.
2:02:35 PM
MS. KAWASAKI continued reviewing the subjects listed in the
benefit category of the Summary Table for SB 88.
Final Average Salary
The final average salary is the highest five consecutive years
for all employee categories: PERS-PS, PERS Non-PS, and TRS. The
PERS Non-PS final average salary is consistent with the PERS
Tier III defined benefit (DB) plan. The bill aligns the final
average salary calculation for PERS-PS and TRS with PERS Non-PS.
Previously, the highest three consecutive years calculation
determined the PERS-PS final average salary, and the highest
three contract salaries calculation determined the TRS final
average salary.
Alaska Cost of Living
SB 88 eliminates the cost-of-living allowance (COLA) due to
concern about its cost to employers. She said members have
discussed reinstating the COLA provision.
Post Retirement Pension Adjustments (PRPA)
(Inflation Protection)
ARM Board may provide PRPA to employees if the DB plan trust
fund values are equal to or greater than 90 percent funded. ARM
Board can withhold PRPA or lower the percentage rate if the DB
trust fund values fall below 90 percent funded. This policy
applies to all employee categories, PERS-PS, PERS Non-PS, and
TRS.
2:04:30 PM
SENATOR MERRICK questioned the reason for using "may" in the
PRPA provision.
MS. KAWASAKI replied the benefit is provided; however, the ARM
Board has discretionary authority to adjust it. She said she
would fine-tune the language so it appears less discretionary.
She explained that the ARM Board may only reduce the PRPA
benefit if the unfunded liability exceeds 10 percent.
SENATOR MERRICK requested assurance that action would be taken
if the DB trust fund values fell below 90 percent.
MS. KAWASAKI responded in the affirmative.
2:05:47 PM
MS. KAWASAKI continued reviewing the subjects listed in the
benefit category of the Summary Table for SB 88.
Retirement Medical Coverage
SB 88 provides coverage to all three employee categories: PERS-
PS, PERS Non-PS, and TRS, which is consistent with PERS Tier IV
defined contribution (DC) plan and TRS Tier III defined
contribution (DC) plan. Medicare is available at age 65; this
major medical coverage supplements that, and premiums for this
coverage depend on the employee's years of service. [Section
79(c) of the bill states, "The medical benefits available to
eligible persons are access to the retiree major medical
insurance plan and access to the health reimbursement
arrangement plan under AS 39.30.300.] The Summary Table shows
the employer contributes an average of 3 percent of the
employee's compensation to the HRA trust. Retirees can use their
accounts for qualifying medical needs, including insurance
premiums.
2:07:32 PM
Disability and Death Benefits
Coverage for this benefit is consistent with PERS Tier III, the
last PERS DB plan. SB 88 aligns the TRS with PERS plans for this
benefit. The nonoccupational disability benefits provide at
least minimal protection to employees and their families for
career-ending injuries or disabilities that occur off the job.
The nonoccupational disability benefit is calculated using
normal retirement factors, like years of service and salary at
the time of the disability. Statutes prescribe the formula for a
nonoccupational death benefit. The occupational disability or
death benefit provides 40 percent of the average base salary.
What would happen to current employees (hired after 2006) if
this became law?
Current PERS and TRS DC plan employees can convert to the new DB
plan by November 4, 2024, or four months from the date of bill
enactment.
What would happen to new employees if this became law (hired
after the bill goes into effect)?
New employees are automatically enrolled in the new defined
benefit system. The primary goal for SB 88 is to address the
state workforce challenge in recruitment and retention. The
state's best fiscal option to meet this goal is pensions.
CHAIR BJORKMAN thanked Ms. Kawasaki for the summation and said
the Summary Table helps people understand SB 88. He opened the
floor to Senator Giessel for comments before advancing to
invited testimony.
2:10:29 PM
SENATOR GIESSEL thanked the committee for hearing SB 88 and said
she looks forward to hearing from the testifiers.
CHAIR BJORKMAN said the bill sponsor invited a selection of
testifiers to discuss SB 88. He introduced Ted Siedle. His full
biography is available on BASIS under bill documents. He asked
Mr. Siedle to put himself on the record and begin his testimony.
2:11:35 PM
EDWARD "TED" SIEDLE, Financial Pension Expert, Boca Raton,
Florida, gave a presentation on the need for a defined benefit
pension plan. He offered the following prepared testimony:
I am the nation's leading expert in forensic
investigations of retired plans, a former U.S.
Securities and Exchange Commission (SEC) lawyer, and
an industry executive with over 40 years of
experience. I have investigated well over $1 trillion
in retirement plans.
In 2016, I won the first whistleblower award from the
State of Indiana. In 2018, I received the largest
Commodities Future Trading Commission whistleblower
award in history, $30 million. In 2019, I won the
largest whistleblower award from the Securities and
Exchange Commission in the amount of $48 million. I
was named as one of the 40 most influential people in
the U.S. pension debate by Institutional [Investor]
magazine for 2014 and 2015. In 2020, I and Rich Dad
Poor Dad bestselling author, Robert Kiyosaki, co-
authored a book, Who Stole My Pension? How You Can
Stop the Looting. Most recently, I authored How to
Steal a Lot of MoneyLegally, which offers an engaging
novel approach to teaching financial literacy.
Millions have read my articles in Forbes. In addition
to television interviews on CNBC and Bloomberg News, I
recently appeared in two full-length documentary
films, The Baby Boomer Dilemma and The Paradigm of
Money. A member of The Florida Bar, I am currently
representing Screen Actors Guild (SAG) members in a
class action lawsuit regarding changes to the actors'
healthcare plan during the COVID pandemic. Ed Asner,
known fondly to most Americans as Lou Grant, was the
lead plaintiff in this ongoing case before his
passing.
2:14:13 PM
I'd like to begin by telling you a personal story
about how I began my forensic work, which I believe
explains both my commitment to protecting workers'
retirement savings and my final recommendations to you
today. The year the Beattle's released the love song,
"When I'm 64," I was a teenager already thinking about
aging, eldercare, and retirement. A teenager thinking
about getting old may seem unlikely, but let me
explain. I spent my teenage years in Uganda, East
Africa, with my father until one day in July 1971, he
failed to return from a journey, a safari as we would
say in Swahili, to a remote part of the country. He
and I had celebrated my seventeenth birthday a few
days before he disappeared. My father was an American
doctor of gerontology teaching at Uganda's Makerere
University and conducting field research into the care
of the aged, the elderly in African traditional
societies. Why did he choose to study how Africans
took care of their elderly? Because in the mid-1960s,
my father had vision and realized that America's
population demographics, the massive baby boom
generation, meant that in the decades to come, as 80
million hippies got older, our nation would have to
care for them. For the first time in history, this
young nation, a nation which celebrated youth, would
have to deal with an invasion of elders, and the
American he knew was not prepared. You could say he
foresaw the American eldercare and retirement crisis
that we are struggling with today. Perhaps how African
societies traditionally cared for their elders, might
provide answers he thought.
2:16:23 PM
My father traveled extensively throughout remote parts
of Uganda, which we used to call the Bush, meeting
with missionaries and others caring for the elderly
who could not care for themselves. Through his
research and travels, he developed a wide network of
reliable contacts who kept him informed as to
happenings in the Bush. Unbeknownst to me and his
colleagues at the university, the intelligence he
gathered was also shared with American intelligence
agencies. In 1971, when he disappeared in the garrison
town of Mbarara, he was investigating rumors that Idi
Amin, the new president of Uganda, had butchered
hundreds of his own army soldiers stationed at the
garrison without firing a single bullet. My father's
disappearance alerted the world for the first time, as
it was immediately reported in Newsweek magazine that
Idi Amin was brutal, a murderer who would go on to
kill an estimated 500,000 of his own people.
The child of a single parent, I had to return to the
U.S. and live with relatives I barely knew. Since he
had disappeared and was presumed dead, but his body
had not been found, his estate could not be probated,
his life insurance benefits would not be paid, and
even Social Security survivor benefits were
unavailable. In short, I was not only orphaned but
penniless. A year after his disappearance, the Ugandan
Commission of Inquiry concluded my father had been
captured by Amin, tortured, and murdered because of
his intelligence work. And, although his body was
never found, his estate was able to be probated, his
life insurance benefits came through as did Social
Security survivor benefits. Through diplomatic
channels, the Ugandan government offered an
[undiscernible] of payment, without admitting
responsibility for the murder, and paid reparations.
2:18:45 PM
As a result of my father's work, I was introduced to
aging and eldercare issues at a very young age.
Further, as a result of his murder, I experienced
first-hand the value of America's Social Security
system and the benefits it provides not only elders in
retirement but to their survivors, children, and
disabled in critical need. I also learned early in
life to be tenacious in protecting what is most
important, such as health, family, and, yes, wealth.
The first forensic investigation of my lifetime into
the disappearance of my father was not completed until
decades later, in 1997, when I returned to Uganda and
with the assistance of the American intelligence
community and Ugandan military, I sat face to face
with my father's murderer at Luzira Maximum Security
Prison. Guided by his murderers, I dug for but was
unable to find my father's remains. However, I did
find the answers I needed about how and when he died,
as well as the satisfaction of knowing I had done all
I could.
2:20:10 PM
Now, I would like to talk about my forensic
investigations into 401(k) plans, which led me to
write nearly 20 years ago, "The great 401(k)
experiment of the past 50 years has failed generations
of American workers, and today there is broad
consensus 401(k)s have not and cannot provide
meaningful retirement security." In 2006, I was
retained as a consulting expert in connection with
twelve high-profile class action lawsuits, filed the
same day, September 11, against many of America's
largest 401(k) plans, including corporations such as
Lockheed Martin, Kraft, Walmart, Caterpillar, Boeing,
Northrop Grumman, General Dynamics, John Deere,
Bechtel, ABB, and Edison. These were the very first
cases to challenge the structure in management for
401(k)s. The findings in these cases were surprising,
even to me. I wrote about what I uncovered in my
investigations in dozens of articles in Forbes and
published an extensive research paper, "Secrets of the
401(k) Industry: How Employers and Mutual Fund
Advisers Prospered as Workers' Dreams of Retirement
Security Evaporated." My paper documented the unsavory
industry practices and regulatory failures that played
a significant role in creating the defined
contribution retirement crisis the nation faces today.
The demise of 401(k)s was no accident and, indeed, was
predictable, I wrote. My research found that 80
percent of employers believed 401(k)s were effective
in recruiting employees to come work for them, but
only 13 percent of employers believed that the 401(k)
plans they offered would provide meaningful retirement
security for their workers. In other words, employers
understood that offering plans that purported to
provide for workers' retirement security was helpful
in building their businesses; however, employers
privately acknowledged that these plans were not
sufficient to provide for retirement. On the other
hand, employers believed that guaranteed retirement
income, such as traditional pension plans, would be
far more costly to provide.
2:23:07 PM
So, I wrote, "Do employers tell their workers there
really is no retirement security provided if they stay
in their jobs and thereby risk losing these employees
to competitors, or do employers maintain the charade
that they offer retirement security? Has any employer
ever acknowledged to workers that it is virtually
inconceivable that the defined contribution plan he
offers will provide sufficient retirement income?" I
ask you today, have you ever heard an employer admit
that there is no way [employees] will ever be able to
retire on their 401(k) savings? I have never seen such
a disclosure.
Two weeks ago, in an article in Forbes entitled,
"Alaska State Workers Hoodwinked Into Believing
401(k)-Style Retirement Plan Was As Good As A
Pension." I wrote about my experience as an expert
retained to speak on behalf of the City of Atlanta
police about a proposal by the city to force workers
into a 401(k)-type plan. I began my comments to the
Atlanta City Council, saying, "We are on the precipice
of the greatest retirement crisis in the history of
the world. In the decades to come, we will witness
tens of millions of elderly Americans slipping into
poverty. 'Too frail to work, too poor to retire' will
become the new normal for elderly Americans." If you
do not believe me, I said look at who is bagging your
groceries. It used to be high school kids; now, it is
men and women in their 70s or even 80s. I explained to
the city council that 401(k) DC plans are largely to
blame for this foreseeable tragedy, and forcing public
employees into 401(k)s would only ensure greater
misery. I said, "401(k)s cannot and will not provide a
meaningful retirement security for the overwhelming
number of America's workers and certainly not the
public employees of the City of Atlanta."
2:25:42 PM
Notice that I did not refer to 401(k)s as retirement
plans in my comments. That was intentional; 401 (k)s
were not meant to be retirement plans. Let me say that
again, 401(k)s were never intended to provide
retirement security. They were initially envisioned as
a way for management-level people to put aside extra
retirement money, cash in addition to their pensions,
much like 457 deferred compensation plans for
government employees that rely primarily upon pensions
for retirement security. In the 1980s, the 401(k) was
embraced by big corporations as a replacement for
costly pension funds. Suddenly, large companies were
able to transfer the burden of funding employees'
retirement to the employees themselves. Virtually all
the major private employers jumped on the bandwagon.
The surreal vision of turning rank-and-file workers
into astute portfolio managers, each responsible for
successfully directing his own investments, took hold.
Unfortunately, things did not work out quite as well
for the workers, not as well as it did for the
employers and the financial services companies.
Since the initial class action lawsuits I was involved
with in 2006, virtually all the largest employers in
the world have been sued regarding their 401(k)s. Over
a decade ago, way back in 2010, 84 percent of
Americans surveyed said it was time for new, improved
workplace retirement plans, 84 percent that is a
staggering dissatisfaction rate. As I said in
my Forbes articles, "401(k)s are the biggest
investment fraud ever perpetrated upon America's
workers." I believe it ought to be a crime to call
these retirement plans. Call them supplemental savings
plans or rainy-day accounts, but do not call them
retirement plans and mislead workers to believe that
401(k)s will provide for their retirement security.
They won't. Today, with a median 401(k) balance for
65-year-olds of $62,000, the decades many elders will
spend in so-called retirement will be grim. I told the
Atlanta City Council, "So, if you vote to force your
city's public employees into a 401(k)-type system, at
least be honest about it and admit from the get-go
that this is no retirement plan."
2:28:51 PM
In closing, it was no secret in 2006, and it is
abundantly clear today that 401(k)-type plans do not
provide anything near the level of retirement security
as pensions. I feel nothing but compassion for Alaskan
state workers who were forced to unwittingly sacrifice
their retirement security 17 years ago. The retirement
crisis Alaskan state workers are facing today was
foreseeable and indeed was foreseen.
2:29:29 PM
My recommendation to you is that a well-managed
pension should be established immediately for state
workers going forward, but that is not enough. Workers
who were forced into the 401(k)-type scheme 17 years
ago are deserving of compensation that will ensure
comparable levels of retirement security. They should
not be left behind. As I learned in Africa over 50
years ago, you must protect the health and wealth, the
lives of those who are most important to you. I urge
you to act to protect Alaska state workers.
Thank you for this opportunity to speak.
2:30:16 PM
CHAIR BJORKMAN requested a copy of his written remarks.
2:30:39 PM
SENATOR BISHOP thanked Mr. Siedle for taking the time to address
the committee, noting that his testimony hit the nail on the
head. He noted that he had been making the same argument for 17
years.
2:31:06 PM
CHAIR BJORKMAN asked whether it would be cheaper for the State
of Alaska to invest in a DB plan than a DC plan as it relates to
the return on the invested dollar.
MR. SIEDLE replied that the key to running a defined benefit
plan is full transparency, low cost, and passively managed
funds, index funds. He said Warren Buffet recommends this, and
it has been his recommendation for decades. A well-run pension
plan can be cheaper than a poorly managed 401(k) plan.
Unfortunately, most DB plans are not run as efficiently as they
should. They are not as transparent, they have higher costs, and
they have greater risks than disclosed. However, a well-run
pension plan can provide benefits at a comparable price.
2:32:38 PM
SENATOR GRAY-JACKSON asked for his thoughts on including a cost-
of-living (COLA) provision in SB 88.
MR. SIEDLE answered that he believes a COLA adjustment is fair
because the cost of living rises over time. He suggested
including a COLA adjustment; otherwise, an employee's retirement
benefit is easily cut in half, with inflation over thirty years
of retirement.
2:33:46 PM
At ease.
2:34:36 PM
CHAIR BJORKMAN reconvened the meeting and announced that the
next invited testifier is Bill Popp, who will speak on workforce
impacts. He asked Mr. Popp to put himself on the record.
2:35:01 PM
BILL POPP, President and CEO, Anchorage Economic Development
Corporation (AEDC), Anchorage, Alaska, clarified that AEDC has
not taken a position on SB 88. He neither speaks in support of
or against SB 88. He said he intends to provide context for the
current labor force situation in Anchorage and, by association,
the state. Alaska is dealing with, and will be dealing with for
decades to come, competition nationally for workers. AEDC has
been trying to increase the City of Anchorage's labor force
recruitment and retention competitiveness since 2010. He said
these efforts have yet to be successful. Alaska has seen a
population decline in the last decade and, more to the point, a
drop in the available labor force. He said that, in general,
Alaska lost over 30,000 working-age adults in the last ten
years. Anchorage shared half the loss, losing nearly 15,000
working-age adults compared to the number available 15 years
ago. This is a result of net outmigration. Historically, tens of
thousands of Alaskans migrating out and tens of thousands
migrating in from the Lower 48 and elsewhere kept Alaska's
population shifts offset. The population remained balanced since
the 1970s with some years of net loss of working-age adults.
Still, overall, a reasonably balanced labor market existed in
the state. Alaska has a lack of workforce regeneration. All
working age categories show a flat or mostly net population loss
in the last decade. This is a significant issue that Alaska will
deal with for decades to come.
2:37:42 PM
MR. POPP said the previous speaker referenced a generational
shift. The baby boom generation is retiring. He stated that
approximately 41,000,000 baby boomers nationwide are under 64
years of age and still in the working age category, noting that
all baby boomers will be 65 or older by 2030. Alaska has a
propensity for older working adults. The state has not seen
younger generations moving to Alaska in the numbers needed, and
the number of older adults out-migrating has accelerated. In
conjunction with that, there are accelerated retirement rates in
the baby boomer generation. The baby boomers are headed for the
retirement door fairly quickly, with the largest number retiring
in the 62 to 63 age category. The Department of Labor and
Workforce Development (DOLWD), Research and Analysis Section
showed that 19 percent of the Anchorage population was 55 or
older in 2010 and that increased to 25 percent in the most
recent census projection data.
2:38:53 PM
MR. POPP said that this is a significant demographic shift. It
is representative of a predicted longer-term shift in the coming
decades when 78 million boomers step off the stage, trailed by
only 68 million Generation Xers nationwide. The millennial
generation follows behind Generation X with a slight population
increase of 72 million. Generation Z follows that, with a
population of only 62 million. In the professional world of
economic development, this creates a national competition for
workers, referred to as "talent wars." He said this has been
happening for over a decade nationally, with communities gearing
up for these demographic shifts, investing in the quality of
place, different needed amenities, as well as competitive
policies designed to attract and retain a workforce.
MR. POPP said that AEDC found that Alaska had been asleep at the
wheel. They are caught up in old habits with the idea that
people move to Alaska no matter what, that it is just a short-
term cycle, and that there is nothing to worry about. He
emphasized that this is a fundamental shift in Alaska's future.
He said the state currently shows great opportunity with
Anchorage and the Mat-Su posting over 69,000 jobs last year. He
said that through March this year, they had nearly 27,000 job
postings unique and distinct to the area. Job demand continues
to remain strong. Anchorage reported a record-low unemployment
rate of 2.7 percent in December. He said that, in his view, this
is the center of gravity in the context of today's hearing.
Thousands of state, federal, and local government workers make
up a significant part of Alaska's economy. Coupled with the
University of Alaska and school district employees, this is
about one out of five jobs in Anchorage. This is second to
Anchorage International Airport, which generates one out of
seven jobs in the city.
2:41:35 PM
MR. POPP said Anchorage could be replacing thousands and
thousands of vacant jobs this year and converting those into
employment, but the city needs the bodies. This extends to
municipal, state, and federal governments with national
competition in those categories. He said the effects are visible
in workforce shortfalls of state government, leading to
bottlenecks that:
- prevent companies from obtaining project permits,
- constrain business due to delays,
- getting business investments off the ground and deployed,
- processing key certifications, and
- addressing issues the state government oversees vital to
business and deploying investments.
For these reasons, AEDC supports a solid exploration of how
state government will fill thousands of vacant positions vital
to economic activity, taking advantage of investments and the
state's future. Business opportunities and investments will
deploy elsewhere if they cannot deploy promptly in Alaska.
2:42:57 PM
MR. POPP said the DOLWD latest Trends magazine provides a
complete dissertation on the outlook of working-age adults over
the next 30 years. The magazine indicates a mid-case scenario
net annual loss of .2 percent of working-age adults over 30
years. The worst case is the loss of 150,000 working-age adults
over 30 years, and the most optimistic case is a .5 percent
growth. AEDC's view is that companies will prioritize deploying
investments where the labor force is stable and growing and
meets expectations for the deployment of capital to create new
business and investments. If the labor force is unstable or
declines, Alaska will see an erosion in economic opportunities
in the coming decades. He expressed his belief that one of the
most important sectors besides the broader sectors of
professional development, healthcare, engineering, and all the
other industry sectors represented in the private sector is
having great, fully staffed schools that provide excellent
education opportunities at the K-12 and university levels.
Equally critical are government services that younger, family-
age, mid-career, and senior workers expect in a community they
want to live in and invest their time and efforts in to generate
their futures. The state is not making the grade; the numbers
tell us that Anchorage lost over 4,000 people from the working-
age category just last year. This is not a trend that the state
can sit idly by, cross its fingers, and hope for.
2:45:21 PM
MR. POPP said Alaska needs to take proactive steps. AEDC, in
partnership with other business organizations in Anchorage, is
focused on the "Choose Anchorage" plan. The plan focuses on
business vitality but primarily on talent, developing more
talent and higher-skilled workers within the workforce in
Alaska. Alaska needs to attract critical workers from across the
nation because the state will never fill these positions from
within the state's population. The challenge facing Alaska is a
higher cost of living, about 26 percent above the national
average. The cost of living reduces the buying power of wage and
benefit packages. From a competitive point of view, competing
against other cities nationwide, Alaska has to offer a better
deal to get workers to move and stay here. The model that points
to mountains as though that is the only reason a person needs to
live in Alaska does not work anymore.
2:46:32 PM
MR. POPP stated that his last point is that Anchorage is one of
the only profiled cities in the state using new census analysis
by the U.S. Census Bureau. It demonstrates that the state loses
34 percent of its 16- to 26-year-olds from the City of
Anchorage. They leave and never return, draining potential
workers. Whatever enticements and ways to attract and retain
workers are critical to Alaska's economic future and success.
Whatever the state can do to attract and retain youth is crucial
to the state. He recommended the book, "When the Boomer's Bail."
It was written in 2011 and lays out the story, in no uncertain
terms, of what will happen to cities and states that do not
adapt to the nationally changing demographics. He encouraged
committee members to read the book. He explained that he does
not agree with everything in the book. Still, its analysis of
what communities in Alaska could face is prophetic.
2:48:20 PM
CHAIR BJORKMAN invited Lisa Parady to put herself on the record
and begin her testimony.
2:49:07 PM
LISA PARADY, Executive Director, Alaska Council of School
Administrators (ACSA), Juneau, Alaska, presented a slideshow in
support of SB 88 and explained how Alaska's recruitment and
retention crisis is affecting all of Alaska's school districts.
She said ACSA is a 50-year-old nonprofit created to serve as an
umbrella to some of Alaska's premier organizations, including
the Alaska Superintendents Association, Alaska Association of
Elementary School Principals, Alaska Association of Secondary
School Principals, Alaska Association of School Business
Officials, and a host of other administrators serving students
across Alaska. She agreed with the testimony of previous
speakers, which supports establishing a new DB retirement plan
for teachers and other public employees to address recruitment
and retention challenges.
2:50:44 PM
MS. PARADY summarized the map on slide 2, "Supporting Alaska's
School Districts," stating ACSA supports all school districts
and represents education leaders statewide. ACSA is united in
its priorities of educators for urban and rural school
districts. ACSA understands there is no room for division
between large, small, urban, rural, or remote communities in
Alaska. All school districts are experiencing shortages at every
level. School districts are the largest employer or are in the
top three largest in most communities, so they are greatly
affected by workforce challenges from the business and education
standpoints.
2:51:47 PM
MS. PARADY reviewed slide 3, "Student achievement is ACSA's
number one priority." ACSA's most critical need is adequate
funding. ACSA members work together each year on joint position
statements; these statements envelop the highest priorities for
Alaska education policy positions. Student achievement is the
number one priority, but recruitment and retention of educators
are essential aspects of public education. She said many areas
in education are suffering from staffing shortages, impacting
students daily, as seen in many news headlines.
2:52:49 PM
MS. PARADY advanced to slides 4 and 5, "Educator Turnover in
Alaska." A Regional Education Laboratory Northwest study found
that educator turnover impacts rural and remote schools the
most. Teacher turnover is over 35 percent in most rural and
remote school districts and 38 percent for principals. She noted
that these figures are pre-pandemic, so the numbers are even
higher today. The turnover rates are staggering.
MS. PARADY said the study also addresses teacher and principal
outmigration. Educator turnover leads to instability in
classrooms and schools, directly affecting student achievement.
MS. PARADY advanced to slide 5, which reads:
Most of Alaska's turnover was educators leaving Alaska
or the profession.
Statewide turnover rates from 2012/13 to 2017/18
remained steady for teachers but varied for principals
and superintendents. Nearly 60 percent of teacher
turnover involved "leavers" - individuals who left
Alaska or remained in the state but were no longer
educators. For example, in 2017/18, 13 percent of
teachers left the profession or their position, while
9 percent of teachers went to a new district or school
but remained in the Alaska public school system.
Turnover rates in Alaska for 2017/18
Teacher 13 percent leaver
22 percent overall turnover
Principal 17 percent leaver
25 percent overall turnover
Superintendent 19 percent leaver
25 percent overall turnover
MS. PARADY noted that these numbers have increased because of
the pandemic.
2:54:20 PM
MS. PARADY reviewed slides 6 and 7, "Costs of Turnover," stating
researchers have done some great work on the costs of educator
turnover:
• [Institute of Social and Economic Research]
ISER Study - 2017
Every time Alaska replaces a teacher, it costs the
school district over $20,000
• RAND Study - 2019
Average cost to replace a principal is $75,000
MS. PARADAY said these costs have increased significantly. She
asked the committee to consider turnover costs as members
reflect on 38 percent turnover rate for principals in Alaska's
most rural-remote areas. Turnover significantly affects school
district budgets.
2:55:09 PM
MS. PARADY advanced to the chart on slide 7, which shows the
breakdown of costs to replace a teacher in 2017:
Separation
$2,449 12 percent of total cost for
Administrative, maintenance, and security tasks
Recruitment
$1,910 9 percent of total cost for
Job fairs, advertising
Hiring
$4,902 24 percent of total cost for
Screening applicants, interviews, administrative
processes
Orientation and Training
$11,170 55 percent of total cost for
Professional development, onboarding, and new teacher
support
Our total calculated cost: $20,431 per teacher
MS. PARADY said the Wallace Foundation shared the following
quote in a school leader study, "when strong principals are at
the helm of the school, they positively influence school culture
and the instructional quality of the whole system of teachers.
However, when a principal turns over, students achieve less in
both math and reading during the first year after leader
turnover, and schools that experience principal turnover year
after year, which we see in Alaska, have serious cumulative
negative effects on our students." This condition is magnified
in schools that serve underprivileged or impoverished students.
2:56:10 PM
MS. PARADY advanced to slide 8, which shows a photo composite of
Alaska's 54 superintendents from 2018-2019. The superintendents
that no longer work in the state are marked out. Thirty-nine
photos are marked out, and two more left this year. She said
that the superintendent, principal, and teacher turnover equates
to instability. Instability correlates to low achievement in the
classroom.
MS. PARADY reviewed slide 9, "How Does Turnover Harm Student
Achievement?" She said in Alaska, high teacher turnover
correlates with poor student achievement. A study by ISER shows
that school districts with the five lowest turnover rates had
significantly better reading scores than those with the five
highest turnover rates. These statistics are linked. They go
hand in hand. She said that stabilizing school districts will
improve student achievement.
2:57:36 PM
MS. PARADY advanced to slide 10, "Retirement System for
Educators." She said the ACSA 2023 joint position statements
prioritize a retirement system for educators. She reviewed the
slide:
• According to the Economic Policy Institute the average
teacher earns 21% less than other professionals with a
college degree
• A portion of this gap can be offset by providing a robust
retirement system for educators
MS. PARADY reviewed slide 11, "Preparing, Attracting and
Retaining Qualified Educators:"
• Retaining highly effective educators and leaders is
imperative to increase student achievement and eliminate
academic disparity for all of Alaska's students.
• A nationally competitive compensation and benefits
package, combined with a robust retirement system is
imperative to attract and retain effective educators.
MS. PARADY advanced to slide 12, "How Retirement Benefits Rank
for Educators." The slide shows the Governor's Taskforce on
Teacher Recruitment and Retention (TRR) survey data based on
interviews with 4,000 educators in the 2021-2022 year. She said
that the data shows the number one priority for administrators
trying to hire staff is retirement benefits, which underscores
how important SB 88 is for the stability of school districts.
MS. PARADY reviewed slide 13, "How Retirement Benefits Rank for
Educators." The slide shows the responses of all people surveyed
in the TRR questionnaire. Three of the top ten solutions to
educator retention are related to retirement benefits. She said
the results are compelling, given that over 4,000 educators
responded to the survey in Alaska last year. They indicated
retirement benefits would positively influence school district
stability and student achievement.
2:59:49 PM
MS. PARADY advanced to slide 14, "Other States Know Alaska Isn't
Competitive." She reviewed a flyer from a recent job fair, which
indicates job searchers should beware of teaching in Alaska. The
flyer reads in part:
Thinking of Teaching in Alaska? BEWARE
Alaska is the ONLY state in the nation that does not
allow their teacher to participate in the National
Social Security system, and yet provides no defined
pension or benefit for their teachers with a start
date after 2006. You will be unable to apply for
National or State disability benefits or disability
insurance if you can't work due to injury or disease.
As soon as you start teaching for Alaska any Social
Security benefits you've accrued will be cut.
Windfall Elimination Act
https://www.ssa.gov/pubs/EN-05-10045.pdf
Any Social Security benefits your spouse has accrued
will now not go to you if they die before you.
Government Pension Offset
https://www.ssa.gov/pubs/EN-05-1007.pdf
MS. PARADY said the state does not want a slogan that reads,
"Friends do not let friends teach in Alaska." She said SB 88 is
an opportunity to shift the message.
3:00:47 PM
MS. PARADY reviewed slide 15, "Solutions:"
Offering a defined benefits option to Alaska's
Educators
• Will help close the gap in retention and in Alaska's
School
• Will attract new teachers to the state
3:01:23 PM
SENATOR BISHOP directed attention to slide 15 and asked whether
a bulleted statement that read "will improve student reading
proficiency to 85.8 percent" could be added to the slide based
on the data presented.
MS. PARADAY replied that she was not sure about the percentage,
but she expressed her belief school districts will see increased
student achievement if the legislation passes.
3:02:10 PM
SENATOR MERRICK asked if she had any changes or suggestions for
SB 88.
MS. PARADY said that ASCA members are examining the bill line by
line. ASCA has the overall support of members to move in the
direction of SB 88 and will bring prospective changes forward.
She said ASCA is in alignment with the bill, and this is the
right start. Changes, if any, that come forward will be
reasonable and come from the perspective of how to retain and
attract teachers, substitute teachers, paraprofessionals,
principals, superintendents, bus drivers, and every person
working for a school district. It does not matter whether the
school district is urban or rural; the need is statewide.
3:03:40 PM
At ease.
3:03:58 PM
CHAIR BJORKMAN reconvened the meeting and asked Jordan Adams to
put himself on the record and begin his testimony.
3:04:12 PM
JORDAN ADAMS, Business Manager, Public Employees Local 71,
Anchorage, Alaska, gave invited testimony in support of SB 88.
He said Local 71 is a statewide union composed of blue-collar
essential workers, equipment operators, light and heavy-duty
mechanics, carpenters, electricians, building maintenance, and
custodians. Local 71 plows 20,000 road miles, and maintains
three international airports and critical infrastructure. Union
services ensure the safety of the traveling public and commerce.
MR. ADAMS said the retirement systems must be addressed with the
rising cost of living and job vacancies. The state cannot keep
or attract qualified workers with noncompetitive wages and
benefits. A shortage of workers means gaps, which directly
affect services provided to Alaskans. SB 88 is a step in the
right direction.
MR. ADAMS said this legislation is just one piece of the puzzle.
Wages and benefits go hand in hand. Public sector work has never
paid more than private, but the benefits used to be comparable.
He said that with less desirable wage and benefit package, the
state has rendered itself uncompetitive and now faces the
reality of being unable to attract qualified workers.
MR. ADAMS said the skills required for many positions that Local
71 represents are advanced journeys, meaning many certificated
and licensed training hours. These essential direct service
positions keep Alaska moving.
3:05:47 PM
MR. ADAMS said Alaska is the only state not offering secure
defined benefits for public employees. The current retirement
plan does not provide the incentives offered under previous
tiers. The state has an opportunity to right this ship. SB 88
can start that process. Local 71 public employees have lived
with the Tier IV retirement plan for over 16 years. The plan
underwhelms many applicants; the benefits differ from what they
expected. Applicants weigh this factor heavily when deciding
whether to work for the state. Staffing shortages are hurting
every department. Some departments are understaffed by 30
percent or more. Snow events and emergencies are more difficult
than ever to overcome, not simply because of the weather. He
said crews are understaffed and do not have the capacity to keep
up, resulting in overworked staff and unstable work schedules.
All hands on deck is not a permanent solution; the limited
number of staff is causing employees to burn out.
MR. ADAMS said that the high vacancy rates are not sustainable.
Local 71 needs the tools to repair its overworked and
underappreciated workforce, and the union is asking for that
change. State jobs have merely become a training ground for
employees. Once skills are acquired, newly trained employees and
their mobile 401(k)s leave for better positions outside state
employment. The state is failing itself by not offering the
wages and benefits to retain qualified workers and allowing
monies invested in skilled workers to walk out the door.
MR. ADAMS said in closing that the state of Alaska has lost its
ability to be a serious contender in an increasingly competitive
marketplace, resulting in the inability to bring on a qualified
workforce. He said the incoming infrastructure funds will lead
to an increase in the demand for qualified blue-collar workers.
He said that if these issues are not fixed soon, the state may
be unable to fix them. Public safety cannot respond, airports
close during storms, people cannot commute to work, and
emergency services are impacted without a stable workforce. He
thanked the committee for its time and asked members to talk
with their colleagues to find a retirement solution for all
public employees.
3:08:42 PM
There being no further business to come before the committee,
Chair Bjorkman adjourned the Senate Labor and Commerce Standing
Committee meeting at 3:08 p.m.
| Document Name | Date/Time | Subjects |
|---|---|---|
| SB 88 Supporting Documents-ACSA Presentation to SL&C-Work Force Challenges 03.15.23.pdf |
SL&C 3/15/2023 1:30:00 PM SL&C 3/17/2023 1:30:00 PM SL&C 3/20/2023 1:30:00 PM SL&C 3/22/2023 1:30:00 PM |
SB 88 |
| SB 44 ver S.PDF |
SL&C 3/15/2023 1:30:00 PM SL&C 5/15/2023 1:30:00 PM |
SB 44 |
| SB 88 Suporting Documents-Edward Siedle - bio and articles.pdf |
SL&C 3/15/2023 1:30:00 PM SL&C 3/17/2023 1:30:00 PM SL&C 3/20/2023 1:30:00 PM SL&C 3/22/2023 1:30:00 PM |
SB 88 |
| SB 44 Sponsor Statement 02.02.23.pdf |
SL&C 3/15/2023 1:30:00 PM SL&C 5/15/2023 1:30:00 PM |
SB 44 |
| SB 88 Supporting Documents-ACSA 2023 Joint Positions Statement.pdf |
SL&C 3/15/2023 1:30:00 PM SL&C 3/17/2023 1:30:00 PM SL&C 3/20/2023 1:30:00 PM SL&C 3/22/2023 1:30:00 PM |
SB 88 |
| SB 44 Sectional Analysis ver S 03.14.23.pdf |
SL&C 3/15/2023 1:30:00 PM SL&C 5/15/2023 1:30:00 PM |
SB 44 |
| SB 88 Supporting Documents-ACSA Presentation to SL&C-Work Force Challenges 03.15.23.pdf |
SL&C 3/15/2023 1:30:00 PM SL&C 3/17/2023 1:30:00 PM SL&C 3/20/2023 1:30:00 PM SL&C 3/22/2023 1:30:00 PM |
SB 88 |
| SB 44 Explanation of Changes ver B to S 03-06-23.pdf |
SL&C 3/15/2023 1:30:00 PM SL&C 5/15/2023 1:30:00 PM |
SB 44 |
| SB 44 Fiscal Note-DPS-SWS-03.02.23.pdf |
SL&C 3/15/2023 1:30:00 PM SL&C 5/15/2023 1:30:00 PM |
SB 44 |
| SB 44 Fiscal Note-DCCED-CBPL-03.03.23.pdf |
SL&C 3/15/2023 1:30:00 PM SL&C 5/15/2023 1:30:00 PM |
SB 44 |
| SB 44 Naturopathic Medicine Presentation.pdf |
SL&C 3/15/2023 1:30:00 PM SL&C 5/15/2023 1:30:00 PM |
SB 44 |
| SB 44 Supporting Document Prescriptive Authority.pdf |
SL&C 3/15/2023 1:30:00 PM SL&C 5/15/2023 1:30:00 PM |
SB 44 |
| SB 44 Supporting Document - Comparison.pdf |
SL&C 3/15/2023 1:30:00 PM SL&C 5/15/2023 1:30:00 PM |
SB 44 |
| SB 44 Supporting Document FAQs.pdf |
SL&C 3/15/2023 1:30:00 PM SL&C 5/15/2023 1:30:00 PM |
SB 44 |
| SB 88 ver B.PDF |
SL&C 3/13/2023 1:30:00 PM SL&C 3/15/2023 1:30:00 PM SL&C 3/17/2023 1:30:00 PM SL&C 3/20/2023 1:30:00 PM SL&C 3/22/2023 1:30:00 PM |
SB 88 |
| SB 44 Public Testimony-Emails as of 03.14.23.pdf |
SL&C 3/15/2023 1:30:00 PM SL&C 5/15/2023 1:30:00 PM |
SB 44 |
| SB 88 Sponsor Statement ver B.pdf |
SL&C 3/13/2023 1:30:00 PM SL&C 3/15/2023 1:30:00 PM SL&C 3/17/2023 1:30:00 PM SL&C 3/20/2023 1:30:00 PM SL&C 3/22/2023 1:30:00 PM |
SB 88 |
| SB 44 Public Testimony-Letters as of 03.14.23.pdf |
SL&C 3/15/2023 1:30:00 PM SL&C 5/15/2023 1:30:00 PM |
SB 44 |
| SB 88 Sectional Analysis ver B 3.10.23.pdf |
SL&C 3/13/2023 1:30:00 PM SL&C 3/15/2023 1:30:00 PM SL&C 3/17/2023 1:30:00 PM SL&C 3/20/2023 1:30:00 PM SL&C 3/22/2023 1:30:00 PM |
SB 88 |
| SB 88 Presentation to SL&C 3.13.23.pdf |
SL&C 3/13/2023 1:30:00 PM SL&C 3/15/2023 1:30:00 PM SL&C 3/17/2023 1:30:00 PM SL&C 3/20/2023 1:30:00 PM SL&C 3/22/2023 1:30:00 PM |
SB 88 |
| SB 88 Letters of Opposition - Received as of 3.7.23.pdf |
SL&C 3/13/2023 1:30:00 PM SL&C 3/15/2023 1:30:00 PM SL&C 3/17/2023 1:30:00 PM SL&C 3/20/2023 1:30:00 PM SL&C 3/22/2023 1:30:00 PM |
SB 88 |
| SB 88 Letters of Support - Received as of 3.10.23.pdf |
SL&C 3/13/2023 1:30:00 PM SL&C 3/15/2023 1:30:00 PM SL&C 3/17/2023 1:30:00 PM SL&C 3/20/2023 1:30:00 PM SL&C 3/22/2023 1:30:00 PM |
SB 88 |
| SB 88 Repealed Sections ver B.pdf |
SL&C 3/13/2023 1:30:00 PM SL&C 3/15/2023 1:30:00 PM SL&C 3/17/2023 1:30:00 PM SL&C 3/20/2023 1:30:00 PM SL&C 3/22/2023 1:30:00 PM |
SB 88 |
| SB 88 Research AK Educator Turnover Infographic 3.10.23.pdf |
SL&C 3/13/2023 1:30:00 PM SL&C 3/15/2023 1:30:00 PM SL&C 3/17/2023 1:30:00 PM SL&C 3/20/2023 1:30:00 PM SL&C 3/22/2023 1:30:00 PM |
SB 88 |
| SB 88 Research 2017 ISER cost of teacher turnover 3.10.23.pdf |
SL&C 3/13/2023 1:30:00 PM SL&C 3/15/2023 1:30:00 PM SL&C 3/17/2023 1:30:00 PM SL&C 3/20/2023 1:30:00 PM SL&C 3/22/2023 1:30:00 PM |
SB 88 |
| SB 88 Research APFO Recruitment and Retention Report 3.10.23.pdf |
SL&C 3/13/2023 1:30:00 PM SL&C 3/15/2023 1:30:00 PM SL&C 3/17/2023 1:30:00 PM SL&C 3/20/2023 1:30:00 PM SL&C 3/22/2023 1:30:00 PM |
SB 88 |
| SB 88 Research DB v DC comparison DOA presentation to Sen Fin 3.10.23.pdf |
SL&C 3/13/2023 1:30:00 PM SL&C 3/15/2023 1:30:00 PM SL&C 3/17/2023 1:30:00 PM SL&C 3/20/2023 1:30:00 PM SL&C 3/22/2023 1:30:00 PM |
SB 88 |
| SB 88 Research DPS - Cost to Replace a State Trooper - 3.10.23.pdf |
SL&C 3/13/2023 1:30:00 PM SL&C 3/15/2023 1:30:00 PM SL&C 3/17/2023 1:30:00 PM SL&C 3/20/2023 1:30:00 PM SL&C 3/22/2023 1:30:00 PM |
SB 88 |
| SB 88 Research DPS Employee Engagement Survey Results 3.10.23.pdf |
SL&C 3/13/2023 1:30:00 PM SL&C 3/15/2023 1:30:00 PM SL&C 3/17/2023 1:30:00 PM SL&C 3/20/2023 1:30:00 PM SL&C 3/22/2023 1:30:00 PM |
SB 88 |
| SB 88 Research DPS Recruitment-Retention Plan Overview 3.10.23.pdf |
SL&C 3/13/2023 1:30:00 PM SL&C 3/15/2023 1:30:00 PM SL&C 3/17/2023 1:30:00 PM SL&C 3/20/2023 1:30:00 PM SL&C 3/22/2023 1:30:00 PM |
SB 88 |
| SB 88 Research FFD Cost of hiring from Scott Raygor Fire Chief Fairbanks 3.10.23.pdf |
SL&C 3/13/2023 1:30:00 PM SL&C 3/15/2023 1:30:00 PM SL&C 3/17/2023 1:30:00 PM SL&C 3/20/2023 1:30:00 PM SL&C 3/22/2023 1:30:00 PM |
SB 88 |
| SB 88 Research Legislative Finance Division Research Report on Retirement System 3.10.23.pdf |
SL&C 3/13/2023 1:30:00 PM SL&C 3/15/2023 1:30:00 PM SL&C 3/17/2023 1:30:00 PM SL&C 3/20/2023 1:30:00 PM SL&C 3/22/2023 1:30:00 PM |
SB 88 |
| SB 88 Research NIRS Teacher Retirement Plan Offerings March 2022 3.10.23.pdf |
SL&C 3/13/2023 1:30:00 PM SL&C 3/15/2023 1:30:00 PM SL&C 3/17/2023 1:30:00 PM SL&C 3/20/2023 1:30:00 PM SL&C 3/22/2023 1:30:00 PM |
SB 88 |
| SB 88 Research PERS Tier chart 3.10.23.pdf |
SL&C 3/13/2023 1:30:00 PM SL&C 3/15/2023 1:30:00 PM SL&C 3/17/2023 1:30:00 PM SL&C 3/20/2023 1:30:00 PM SL&C 3/22/2023 1:30:00 PM |
SB 88 |
| SB 88 Research Returning Alaska State Employees to Social Security 3.10.23.pdf |
SL&C 3/13/2023 1:30:00 PM SL&C 3/15/2023 1:30:00 PM SL&C 3/17/2023 1:30:00 PM SL&C 3/20/2023 1:30:00 PM SL&C 3/22/2023 1:30:00 PM |
SB 88 |
| SB 88 Research Risk Sharing in Public Retirement Plans NASRA 3.10.23.pdf |
SL&C 3/13/2023 1:30:00 PM SL&C 3/15/2023 1:30:00 PM SL&C 3/17/2023 1:30:00 PM SL&C 3/20/2023 1:30:00 PM SL&C 3/22/2023 1:30:00 PM |
SB 88 |
| SB 88 Research TRS Tier chart 3.10.23.pdf |
SL&C 3/13/2023 1:30:00 PM SL&C 3/15/2023 1:30:00 PM SL&C 3/17/2023 1:30:00 PM SL&C 3/20/2023 1:30:00 PM SL&C 3/22/2023 1:30:00 PM |
SB 88 |
| SB 88 Summary Table Version B 3.10.23.pdf |
SL&C 3/13/2023 1:30:00 PM SL&C 3/15/2023 1:30:00 PM SL&C 3/17/2023 1:30:00 PM SL&C 3/20/2023 1:30:00 PM SL&C 3/22/2023 1:30:00 PM |
SB 88 |
| SB 88 News Articles 3.10.23.pdf |
SL&C 3/13/2023 1:30:00 PM SL&C 3/15/2023 1:30:00 PM SL&C 3/17/2023 1:30:00 PM SL&C 3/20/2023 1:30:00 PM SL&C 3/22/2023 1:30:00 PM |
SB 88 |
| SB 88 Research Alaska Public Pension Coalition White Paper 2010 3.10.23.pdf |
SL&C 3/13/2023 1:30:00 PM SL&C 3/15/2023 1:30:00 PM SL&C 3/17/2023 1:30:00 PM SL&C 3/20/2023 1:30:00 PM SL&C 3/22/2023 1:30:00 PM |
SB 88 |
| SB 88 Fiscal Note-DOA-DRB-03.03.23.pdf |
SL&C 3/13/2023 1:30:00 PM SL&C 3/15/2023 1:30:00 PM SL&C 3/17/2023 1:30:00 PM SL&C 3/20/2023 1:30:00 PM SL&C 3/22/2023 1:30:00 PM |
SB 88 |
| SB 88 REVISED_ Presentation to SL&C 3.13.23.pdf |
SL&C 3/13/2023 1:30:00 PM SL&C 3/15/2023 1:30:00 PM SL&C 3/17/2023 1:30:00 PM SL&C 3/20/2023 1:30:00 PM SL&C 3/22/2023 1:30:00 PM |
SB 88 |
| SB 88 Research Dept of Law Recruitment and Retention.pdf |
SL&C 3/13/2023 1:30:00 PM SL&C 3/15/2023 1:30:00 PM SL&C 3/17/2023 1:30:00 PM SL&C 3/20/2023 1:30:00 PM SL&C 3/22/2023 1:30:00 PM |
SB 88 |
| SB 88 Research (pg 5) Defined Benefit Total Funded Status DOA to SFIN 2.14.23.pdf |
SL&C 3/13/2023 1:30:00 PM SL&C 3/15/2023 1:30:00 PM SL&C 3/17/2023 1:30:00 PM SL&C 3/20/2023 1:30:00 PM SL&C 3/22/2023 1:30:00 PM |
SB 88 |
| SB 88 Research OCS Staff Departure 2.23.23.pdf |
SL&C 3/13/2023 1:30:00 PM SL&C 3/15/2023 1:30:00 PM SL&C 3/17/2023 1:30:00 PM SL&C 3/20/2023 1:30:00 PM SL&C 3/22/2023 1:30:00 PM |
SB 88 |
| SB 88 REVISED_Summary Table Ver B 3.12.23.pdf |
SL&C 3/13/2023 1:30:00 PM SL&C 3/15/2023 1:30:00 PM SL&C 3/17/2023 1:30:00 PM SL&C 3/20/2023 1:30:00 PM SL&C 3/22/2023 1:30:00 PM |
SB 88 |
| SB 88 Research Actuarial Report from HB 55 (plus all other public employees) 01.18.21.pdf |
SL&C 3/13/2023 1:30:00 PM SL&C 3/15/2023 1:30:00 PM SL&C 3/17/2023 1:30:00 PM SL&C 3/20/2023 1:30:00 PM SL&C 3/22/2023 1:30:00 PM |
HB 55 SB 88 |