Legislature(2023 - 2024)BELTZ 105 (TSBldg)
03/17/2023 01:30 PM Senate LABOR & COMMERCE
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| Audio | Topic |
|---|---|
| Start | |
| SB70 | |
| SB88 | |
| Adjourn |
* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
+ teleconferenced
= bill was previously heard/scheduled
| += | SB 70 | TELECONFERENCED | |
| *+ | SB 88 | TELECONFERENCED | |
ALASKA STATE LEGISLATURE
SENATE LABOR AND COMMERCE STANDING COMMITTEE
March 17, 2023
1:32 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. 70
"An Act relating to coverage for additional insureds under owner
and contractor controlled insurance programs; and providing for
an effective date."
- HEARD & HELD
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 & HELD
PREVIOUS COMMITTEE ACTION
BILL: SB 70
SHORT TITLE: OWNER & CONTRACTOR CONTROLLED INSURANCE
SPONSOR(s): RULES BY REQUEST OF THE GOVERNOR
02/15/23 (S) READ THE FIRST TIME - REFERRALS
02/15/23 (S) L&C
02/17/23 (S) JUD REFERRAL ADDED AFTER L&C
02/20/23 (S) L&C AT 1:30 PM BELTZ 105 (TSBldg)
02/20/23 (S) Heard & Held
02/20/23 (S) MINUTE(L&C)
03/01/23 (S) L&C AT 1:30 PM BELTZ 105 (TSBldg)
03/01/23 (S) -- Public Testimony --
03/17/23 (S) L&C AT 1:30 PM BELTZ 105 (TSBldg)
BILL: SB 88
SHORT TITLE: RETIREMENT SYSTEMS; DEFINED BENEFIT OPT.
SPONSOR(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)
03/15/23 (S) Heard & Held
03/15/23 (S) MINUTE(L&C)
03/17/23 (S) L&C AT 1:30 PM BELTZ 105 (TSBldg)
WITNESS REGISTER
LORI WING-HEIER, Director
Division of Insurance
Department of Commerce, Community and Economic Development
Anchorage, Alaska
POSITION STATEMENT: Provided a recap of SB 70.
MARGE STONEKING, Alaska Associate State Director of Advocacy
American Association of Retired Persons-Alaska (AARP-Alaska)
Anchorage, Alaska
POSITION STATEMENT: Offered invited testimony on SB 88.
TOM KLAAMEYER, President
National Education Association-Alaska (NEA-Alaska)
Anchorage, Alaska
POSITION STATEMENT: Offered invited testimony on SB 88.
LON GARRISON, Executive Director
Association of Alaska School Boards (AASB)
Juneau, Alaska
POSITION STATEMENT: Offered invited testimony on SB 88.
DARRELL EVANS, President
Anchorage Police Department Employees Association
Anchorage, Alaska
POSITION STATEMENT: Offered invited testimony on SB 88.
KEITH BRAINARD, Research Director
National Association of State Retirement Administrators
Austin, Texas
POSITION STATEMENT: Offered invited testimony on SB 88.
JOHN DUFFY, representing self
Mat-Su Valley, Alaska
POSITION STATEMENT: Offered invited testimony on SB 88.
DOMINIC LOZANO, President
Alaska Professional Fire Fighters Association (AKPFFA)
Fairbanks, Alaska
POSITION STATEMENT: Offered invited testimony on SB 88.
CHRISTOPHER WRIGHT, representing self
Anchorage, Alaska
POSITION STATEMENT: Testified in opposition to SB 88.
SARAH CANNARD, member
Alaska Professional Firefighters Association; IAFF Local 4303
Juneau, Alaska
POSITION STATEMENT: Testified in support of SB 88.
CONOR KINCAID, member
Juneau Career Firefighters IAFF Local 4303
Juneau, Alaska
POSITION STATEMENT: Testified in support of SB 88.
NICK CLARK, President
Fairbanks Firefighters Union Local 1324
Fairbanks, Alaska
POSITION STATEMENT: Testified in support of SB 88.
COREY AIST, President
Anchorage Education Association (AEA)
Anchorage, Alaska
POSITION STATEMENT: Testified in support of SB 88.
NICK STEELE, representing self
Kodiak, Alaska
POSITION STATEMENT: Testified in support of SB 88.
NATHAN ERFURTH, President
Kenai Peninsula Education Association
Kenai, Alaska
POSITION STATEMENT: Testified in support of SB 88.
HEATHER BAKER, representing self
Soldotna, Alaska
POSITION STATEMENT: Testified in support of SB 88.
SHANE WESTCOTT, member
Alaska Professional Fire Fighters Association and Local 1264
Anchorage, Alaska
POSITION STATEMENT: Testified in support of SB 88.
ACTION NARRATIVE
1:32:02 PM
CHAIR JESSE BJORKMAN called the Senate Labor and Commerce
Standing Committee meeting to order at 1:32 p.m. Present at the
call to order were Senators Gray-Jackson, Dunbar, Merrick,
Bishop, and Chair Bjorkman.
SB 70-OWNER & CONTRACTOR CONTROLLED INSURANCE
1:33:07 PM
CHAIR BJORKMAN announced the consideration of SENATE BILL NO. 70
"An Act relating to coverage for additional insureds under owner
and contractor controlled insurance programs; and providing for
an effective date."
He asked Ms. Wing-Heier to provide a summary of the bill.
1:33:36 PM
LORI WING-HEIER, Director, Division of Insurance, Department of
Commerce, Community and Economic Development, Anchorage, Alaska,
provided a recap of SB 70. She reminded the members that during
the previous hearing she said to expect an amendment. She
explained that the division originally thought that deleting
paragraph (4) from Section 1 addressed an issue regarding
additional insureds. Insurance brokers and others disagreed and
the division decided to restore paragraph (4) and add language
to clarify that additional insureds are allowed on insurance
policies if required by contract. This is what the amendment
does. She provided an example.
CHAIR BJORKMAN solicited a motion.
1:35:46 PM
SENATOR BISHOP moved to adopt Amendment 1, work order 33-
GS1009\A.2, for SB 70.
33-GS1009\A.2
Marx
3/8/23
AMENDMENT 1
OFFERED IN THE SENATE
TO: SB 70
Page 1, line 9:
Delete "or
Page 1, line 11 - 13:
Delete "[; OR
(4) INSURANCE POLICIES ENDORSED TO NAME ONE
OR MORE PERSONS AS ADDITIONAL INSUREDS]"
Insert "; or
(4) insurance policies endorsed to name one
or more persons as additional insureds, if
naming a person as an additional insured is
a term required by a contract; this
paragraph does not apply to an owner
controlled or contractor controlled
insurance program for a major construction
project
1:36:09 PM
CHAIR BJORKMAN found no objection and Amendment 1 was adopted.
1:36:20 PM
CHAIR BJORKMAN held SB 70 in committee.
1:36:24 PM
At ease.
SB 88-RETIREMENT SYSTEMS; DEFINED BENEFIT OPT.
1:37:48 PM
CHAIR BJORKMAN reconvened the meeting and 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."
He stated his intention to finish invited testimony and hear
public testimony.
1:38:22 PM
MARGE STONEKING, Alaska Associate State Director of Advocacy,
American Association of Retired Persons-Alaska (AARP-Alaska),
Anchorage, Alaska, offered invited testimony on SB 88
paraphrasing from the following prepared statement:
Good afternoon, Chair Bjorkman and members of the
committee. I'm Marge Stoneking with AARP Alaska.
Older Alaskans deserve to retire with independence,
security, and dignity. As you may know, AARP is the
largest nonprofit, nonpartisan organization
representing the interests of Americans age 50 and
older and their families. Financial and health
security are key components of our advocacy agenda.
AARP strongly believes that all individuals have the
right to be self-reliant and live with dignity in
retirement. We further believe that Americans of all
ages, including those in Alaska, are faced with a
crisis where the goal of achieving an adequate and
secure retirement is becoming increasingly difficult.
For most Americans, Social Security income is the
foundation of financial security in
retirement. However, many of Alaska's public employees
do not get to participate in Social Security. As a
result, it is even more important that we provide them
a modest, guaranteed pension they cannot outlive to
help ensure financial security throughout their
retirement years.
As discussions on SB88 continue, we urge our
policymakers to keep in mind the purpose of defined
benefit pension plans, which include providing
retirement security for teachers, police officers,
firefighters, and other public employees, as well as
attracting and retaining the most qualified
individuals to serve Alaska's residents, in a way that
is most cost efficient for taxpayers.
A defined benefit pension plan would allow Alaska and
our employees to achieve these goals. Like SB88 would
enable, these plans typically require mandatory
participation by employees and shared financing
through contributions from both employees and
governments. Assets are pooled and professionally
managed to take advantage of lower fees, and greater
portfolio diversity, and economies of scale help
manage for targeted income replacement to better
ensure dignity and financial independence in
retirement; and mandatory annuitization provides a
benefit retirees cannot outlive.
1:40:42 PM
MS. STONEKING continued:
It is not surprising that defined benefit pensions
increase retirement security and therefore reduce
reliance on social safety nets. In fact, according to
a study by the National Institute on Retirement
Security (NIRS), older households without a pension
are nine times more likely to live in poverty. That is
up from six times greater in 2006.
Moving away from defined benefit pensions has meant
that our impacted essential public servants have been
on their own to invest for their retirement. Numerous
studies over a long span of years have detailed how
the average investor is unable to accumulate the
resources he or she needs for retirement because of
inexperience.
In fact, our public employees are currently facing the
risk of poor investment returns, the risk that they
might outlive their assets, and the risk that
inflation will erode the value of their income in
retirement. These risks are a reality for many
because, once again, most of Alaska's public employees
DO NOT receive Social Security.
Without a modest, lifetime retirement benefit, more of
Alaska's valued public employees may come to rely on
public assistance an environment our state does not
want to enable for teachers, public safety
professionals, and other public servants. Greater
reliance on government subsidies increases costs for
all, and chips away at the ability to live with
dignity and self-sufficiency in one's retirement
years.
Alaska's inability to offer our public employees a
semblance of retirement security - the kind provided
by a defined benefit pension - has put us at a
significant disadvantage as compared to other states
in recruiting and retaining a qualified workforce and
consequently hindered our ability to provide reliable
public services which is also impacting older
Alaskans.
I will leave you with a data point from our 2022 AARP
Alaska Voter Survey:
61 percent of 50+ Alaskan voters polled said they
would be more likely to back a candidate who supports
restoring pension benefits for public safety,
teachers, and other state employees. AARP Alaska is
happy to work with the Legislature to achieve that end
and we support SB88 to do so.
Thank you for your time today.
1:44:07 PM
TOM KLAAMEYER, President, National Education Association-Alaska
(NEA-Alaska), Anchorage, Alaska, offered invited testimony on SB
88 paraphrasing from the following prepared statement:
For the record, my name is Tom Klaameyer. I'm a high
school social studies teacher, currently serving as
the President of NEA-Alaska.
First, I would like to express sincere gratitude to
Senator Giessel, her staff, and the legislation's co-
sponsors for introducing this bill. Thank you,
Chairman Bjorkman, and members of the Senate Labor and
Commerce Committee for hearing this legislation and
for the opportunity to speak to you today.
I am here today to offer my support for Senate Bill
88.
Alaska is facing its worst educator recruitment and
retention crisis in our state's history. We have seen
this impact students and families across the state
with vacant positions, rolling bus blackouts and, in
some instances, because of food nutritionist shortage,
rather than being served a standard, healthy, hot
lunch, students are being handed "chicken jerky,
Cheez-Its, raisins, and shelf-stable milk." We also
know that not all students have access to trained
librarians or even mental health counselors.
1:45:09 PM
MR. KLAAMEYER continued:
This past Monday in the House Education Committee,
Education Commissioner designee, Susan McKenzie,
testified that this school year Alaska had roughly 394
first-day vacancies for teachers. This means that
almost 400 classrooms began this school year without a
teacher, more than 2 ½ times the only 155 first-day
vacancies in 2019. Those 400 missing adults don't even
include the many more unfilled positions for
paraprofessionals, aides, reading specialists, bus
drivers and more - who are all vital in making schools
work. When completing exit surveys for the Anchorage
School District in 2020 and 2021, 28% and 30%,
respectively, of departing teachers cited "retirement"
as one of the three most significant reasons for their
departure from ASD. We can see this statewide, Dr.
Parady referenced the work of the Governor's Teacher
Retention and Recruitment Task Force which has
repeatedly identified retirement reform as a top
policy to improve educator retention and recruitment.
And more to the point - (I know the ISER data on this
has been shared with you previously), but it bears
repeating that in Alaska, we know that high rates of
teacher retention are correlated with greater student
achievement.
If we want to move the needle and improve outcomes for
our students, specifically with improved reading
scores - we absolutely must provide additional
stability in the workforce. Clearly, it's not just
teachers; its administrators, superintendents and all
of the many other education professionals critical to
the overall functioning of schools. The worst employee
shortage in education is actually one that hasn't been
formally studied as much, but we hear about every day
- and that is the incredible turnover rates among our
education support professionals (or ESPs, as we call
them) - paraprofessionals, clerical staff, custodians,
etc. Our ESPs are critical to the operations of a
high-functioning learning environment but are the
lowest-paid positions and facing the same retirement
insecurity.
Alaska's educators have been advocating for the
restoration of Defined Benefits retirement since TRS
III/PERS IV was created in2006. We have watched as
some of the best and brightest educators have looked
carefully at an equation where we have,
No Social Security
No option to earn a pension
And a defined contribution retirement that, by the
State of Alaska's own projections, gives employees
only a dismal 30 percent chance of success. With
success being defined simply as not entirely running
out of money and facing destitution in your old age.
?and that equation simply does not add up to staying
in Alaska.
1:48:23 PM
MR. KLAAMEYER continued:
Alaska is the only state in the country where a
certificated teacher, school administrator or other
certificated public school employee can earn NEITHER
Social Security, or pension from their public
employer. You can see a chart detailing all other
states' retirement options for teachers from the
National Institute of Retirement Security in your bill
packet.
Alaska educators support Senate Bill 88.
Without a change in the retirement system, Alaska will
continue to hemorrhage our best and our brightest
educators, and our students will continue to
experience a revolving door of adults in their
schools. The Alaska economy will continue to be
stifled by a public education system that is hobbled
by an unsustainable turnover of teachers,
administrators, and education support professionals.
Should SB 88 pass, on the other hand, Alaska families
and students will benefit from additional stability in
our education workforce and beyond. The Alaska economy
will benefit from increased stability and experience
in our public sector workforce from bus drivers to
plow truck drivers, from career and technical
education teachers to the staff processing
professional licenses and resource development
permits.
In his State of the State address, Governor Dunleavy
said the following:
"We need more people solving Alaska's problems, and
the world's. We need more families achieving the
American dream. People are not a nebulous, abstract
concept. People are what this is all about. Everything
we do is for the people, or it should be. "Government
is about serving people, and the people are why we're
here: the people of Alaska today, and certainly the
people of Alaska tomorrow. That's important to
remember: there is no tomorrow without more people. We
can never lose sight of that."
NEA-Alaska members wholeheartedly agree. For Alaska to
thrive, public employees need the security of a
defined benefit pension - we need to pass Senate Bill
88.
Thank you for your time and attention.
1:51:54 PM
LON GARRISON, Executive Director, Association of Alaska School
Boards (AASB), Juneau, Alaska, testified in support of SB 88
paraphrasing from the following prepared statement:
Chair Bjorkman and members of the Senate Labor &
Commerce Committee. My name is Lon Garrison. I serve
as the Executive Director of the Association of Alaska
School Boards. We are a nonprofit association
established in 1954, serving 52 of Alaska's 54 school
districts. Thank you for this opportunity to speak
today in support of SB88 RETIREMENT SYSTEMS; DEFINED
BENEFIT OPTION.
AASB Board of Directors has adopted three
legislative priorities for this year. They are:
• sufficient, sustainable, predictable education
funding
• retention and recruitment of teachers,
administrators, and staff
• student wellness and safety
These priorities and the supporting resolutions and
beliefs of the AASB membership are appended to this
testimony.
AASB has long supported a return to a defined benefit
program as a preferred option for staff retirement
investments. In 2005, the AASB membership adopted the
following resolution and has maintained its strong
support for reconstituting a defined benefit option.
4.7 RELATING TO DEFINED BENEFIT RETIREMENT
AASB supports the establishment of a defined
benefit retirement program that improves the
hiring and retention of highly qualified and
effective staff.
Adopted 2005
Amended 2008, 2010, 2013, 2016, 2019
School districts face an unprecedented crisis of
retaining and recruiting qualified, effective
teachers, administrators and support staff. This
personnel crisis seriously hinders our ability to
provide Alaska students with a quality education. It
makes it extremely difficult for school boards to
fulfill the state's constitutional responsibility to
provide that quality public education for every
student every day.
As you have heard many times before, one of the single
most important determinants of whether a student
succeeds in school is the quality of the educator that
works with the student. While effective learning
requires a high-quality teacher, the entire school
system must support that crucial opportunity for that
teacher and student to be together. This means a
multitude of other staff is needed to make the
learning experience the best that it can be.
1:54:21 PM
MR. GARRISON continued:
My colleagues have previously provided you with
information and statistics about Alaska's retention,
recruitment, and turnover crisis with education staff.
That information portrays school districts' challenges
in having the staff necessary to fulfill their
missions.
Out of curiosity, Yesterday, March 16, I checked the
Alaska Teacher Placement website, and it revealed the
following startling numbers. A total of 1,481
positions are currently open, of which 360 are
teachers, 81 are administrators, 233 are student
support services, and the remaining 807 are a variety
of positions needed to operate a school district
effectively.
This year, school boards across the state are facing
some of the most significant challenges they have ever
faced in deciding how to allocate rapidly dwindling
resources in order to provide a public education. The
scarcity of applicants coupled with lack of adequate
education funding results in districts experiencing
staff shortages that further exacerbate the crisis.
The lack of a defined benefit retirement option is one
more strike against Alaska's ability to retain or
recruit the public service employees we need.
1:55:52 PM
MR. GARRISON continued:
SB 88 is a common-sense proposal to return to a
retirement system that incentivizes educational
professionals to invest dedicating their careers to
service in Alaska. SB 88 incorporates lessons learned
from the past, shares the risk with participants, and
establishes retirement age and qualification
parameters that are more appropriate for today. SB 88
maintains the current contribution rates by school
districts for PERS and TRS, which is a relief. I want
to acknowledge that districts, municipalities, and
boroughs still struggle with these contributions,
given the ever-increasing rise in healthcare costs and
liability insurance that have driven dramatic rises in
the overall cost of employees.
Last week, during a meeting AASB facilitated between
school board members and their legislators, the
question was asked by a senator, "what is the
difference between spending and investment?" A board
member responded, "Investment implies an expectation
of a beneficial dividend or outcome. Spending is a
response to an expense."
Investment in the long-term viability and retention of
quality staff is not without risk. However, SB 88 is
an effort that works to manage that risk while
providing a dividend that ensures that we can recruit
and retain staff, with the ultimate benefit being
better student outcomes. AASB urges the Alaska
legislature to be bold and responsive. Make Alaska
competitive in the public sector employment
marketplace; this is an investment in our students,
communities, and state.
Thank you for the opportunity to testify today.
1:58:29 PM
DARRELL EVANS, President, Anchorage Police Department (APD)
Employees Association, Anchorage, Alaska, offered invited
testimony on SB 88. He described his professional experience
which included 28 years as an Alaskan police officer and
involvement at the Sitka trooper and Anchorage police academies.
He stated that APD currently has 34 sworn officer vacancies. At
February's end, 10 sworn officers left the department, four were
retirees and six left for other reasons. The current APD academy
began with 15 recruits and is now down to 12. The department can
run two academies per year with 28 recruits, but it's been years
since an academy was larger than 20. He calculated that APD was
on track to lose 60 officers by the end of 2023. If the
department is fortunate enough to have 15-20 recruits in each
academy, APD will be down 20 officers at the current rate.
He highlighted that agencies in the Lower 48 are aware of the
high-quality training in Alaska's academies and are quick to
recruit Alaska's young officers. One enticement is a defined
benefits plan. He continued that after one year, new officers
are eligible to receive a basic certificate from the Alaska
Police Standards Council, rendering them highly marketable; the
certificate is their ticket to leave Alaska. He stated support
for SB 88, emphasizing that law enforcement was in a recruiting
and retention crisis.
2:06:17 PM
SENATOR BISHOP asked what it costs for a recruit to attend the
academy.
2:06:27 PM
DARRELL EVANS answered that training and equipment items are
issued to new recruits, including a mandatory vehicle. Some are
disposable and some are returned for reissue. Training costs
approximately $150,000, including the recruit's salary.
2:07:18 PM
SENATOR BISHOP said he heard anecdotally that the high-quality
training at the Sitka trooper academy is second to none. After
six years on the job, some officers are inclined to relocate to
other departments that have a defined benefit program, and other
states are glad to recruit them because they could enter the new
force at a detective level given the quality of their training.
2:07:59 PM
DARRELL EVANS responded that he had heard that. He has traveled
and trained in other states and APD and Sitka trooper training
was second to none.
2:08:44 PM
SENATOR DUNBAR recalled academy graduate numbers being higher;
commented that he was disturbed by the decline; and asked about
the impact on municipal budget in terms of overtime and morale
of the force in terms of burnout amongst officers.
2:09:38 PM
DARRELL EVANS replied that when he was a night shift patrol
supervisor, there was rarely a shift that did not have to back
filled with on-call officers who were on leave, ill, or still in
training. The main complaint is that officers cannot get the
leave they have requested and earned. As a leave sergeant he
denied more leave than he approved. Officers were once happy to
earn overtime, but now they decline to work extra hours because
they cannot even get days off.
2:12:14 PM
KEITH BRAINARD, Research Director, National Association of State
Retirement Administrators (NASRA), Austin, Texas, offered
invited testimony on SB 88. He posited that it was possible to
design a retirement plan that meets the needs of public
employees, employers, and taxpayers. A retirement plan doesn't
have to create unfunded liabilities and costs can be controlled.
SB 88 accomplishes these objectives. NASRA supports retirement
plans with features such as cost sharing between employees and
employers, assets that are pooled and professionally managed,
targeted income replacement with a certain percentage of pre-
retirement wages at a specified age or years of public service,
an orderly progression of personnel for employers, lifetime
benefit payouts the employee cannot outlive, and
survivor/disability benefits.
MR. BRAINARD stated that these core features are known to
promote employees' retirement security, to reduce expenses and
to enhance the ability of employers to attract and retain
employees. In 2005 when Alaska switched to a defined
contribution plan, risk sharing plans were far less common and
less developed than they are today. Over the last 18 years,
there has been a significant evolution in public retirement plan
design. Risk sharing plan designs are more common, better
developed, and better understood than they were in 2005. NASRA
published a paper in 2019 describing many examples of innovative
risk sharing retirement plan designs in use among the states and
local governments. Such designs meet the needs of all
stakeholders while also protecting employers and taxpayers
against unsustainable increases and unfunded liabilities and
costs.
2:16:09 PM
MR. BRAINARD provided three specific examples from South Dakota,
Colorado, and Texas:
The South Dakota retirement system has offered all public
employees a defined benefit plan with fixed contribution rates
for years. Since 2002, that contribution rate for employees and
employers alike has been 6 percent, and 8 percent for public
safety personnel. The South Dakota retirement system has no
unfunded liability, which was accomplished by making benefits
variable. When the plans actuarial experience falls short of
expectations, benefits are adjusted so the plan remains fully
funded and the fixed contribution rate remains adequate.
In 2018, Colorado established risk sharing features in its
retirement plan for teachers and employees of state and local
government. This plan allows for incremental increases in
employee contribution rates up to 2 percent in total, like SB
88, and adjustments in the cost-of-living adjustment if
specified actuarial and funding targets are not met.
Finally, in Houston, Texas a 2017 plan design applied to the
city's retirement plans for firefighters, police officers and
general employees. The central feature of the Houston plan is a
contribution corridor arrangement that restricts the change in
the employer contribution rate to 5 percent of pay. If the
required cost of the plan strays from the target rate, specified
changes take effect to bring the contribution rate back into the
5 percent corridor. All three plans have proven effective for
all parties.
MR. BRAINARD stated that SB 88 proposes a trigger to increase
employee contribution rates should the plan funding level fall
below 70 percent. It would prohibit paying a COLA if the plans
funded level is below 90 percent. These provisions will help
protect against higher liabilities and costs and are consistent
with other recent retirement plans. They also contain risk-
sharing mechanisms designed to shield public employers and
taxpayers from the effects of negative actuarial experience
while still promoting the ability of employers to retain
qualified workers and of employees to retire with an adequate
income. SB 88 would return Alaska to the mainstream of public
retirement policy and strengthen the ability of schools, police
and fire departments, and other public employers to attract and
retain qualified and essential public employees.
2:19:14 PM
SENATOR DUNBAR noted that the current plan does not include
health benefits but instead keeps the health savings accounts
that exist in Alaska's current Tier IV system. He asked if it
was mainstream in other states to provide lifetime health
benefits or if it was more common to have health savings
accounts.
MR. BRAINARD answered that retirement benefits across the
country run a wide range and are difficult to characterize.
There has been a movement toward defined contribution plans in
which the employer's obligation is focused on the contribution
rather than open-ended healthcare benefits.
SENATOR DUNBAR asked him to specify why.
MR. BRAINARD said that healthcare was beyond his expertise but
having an open-ended benefit structure could create uncertainty
and increase costs.
SENATOR DUNBAR asked if it was fair to say that SB 88 does not
do this, but instead reduces risk to the state.
KEITH BRAINARD replied yes.
2:21:37 PM
SENATOR BJORKMAN asked what type of training he had to evaluate
these kinds of plans.
MR. BRAINARD answered that he worked five years as a fiscal
analyst for two legislators; seven years as an analyst for the
Arizona state retirement system; 20 years at NASRA reviewing
annual financial reports and actuarial valuations and compiling
the data for policymakers and NASRA members; 10 years on the
Texas pension review board, eight as chair of the actuarial
committee. He recapped that he had spent 30 years of his career
analyzing public pension and public retirement issues including
financial data and actuarial data.
2:22:47 PM
SENATOR BJORKMAN asked what his batting average is to correctly
predict successful retirement elements.
MR. BRAINARD stated that he bats well over 500.
SENATOR BJORKMAN said if a batter hits 300, he's Hall of Fame
material, so 500 is very good. He asked Mr. Brainard to review
why he believes SB 88, as presented, would not increase the
unfunded liability but would reduce costs.
MR. BRAINARD answered that he could not confirm that SB 88 would
not increase liabilities. But increasing employee contribution
rates and paying no cost-of-living adjustment if the plan falls
below a certain funding threshold, the chances of a sustained
increase in unfunded liabilities, especially allowing unfunded
liabilities to get out of hand, is significantly diminished.
SENATOR BJORKMAN asked how a plan like this would reduce costs.
2:24:46 PM
MR. BRAINARD replied that the NERS report reveals a better bang
for the buck by pooling assets for all plan participants. That
allows the plan to invest for the entire group for the average
life expectancy, rather than requiring individuals to save and
invest on their own. That lowers the cost of the plan because
contributions are only for the average life expectancy of the
plan participants. In addition, pooling assets reduces the cost
and generates a higher investment return than individuals
generate on their own. This plan can achieve the same level of
benefit at half the cost.
SENATOR BISHOP asked whether Texas public employees have a
defined benefit plan.
KEITH BRAINARD answered yes.
SENATOR BISHOP asked what the benefit calculation is for
teachers in Texas.
KEITH BRAINARD answered that 2.3 percent is the retirement
multiplier. Most of the teachers do not participate in Social
Security.
SENATOR BISHOP invited him to follow up on other public sector
defined benefit plans.
MR. BRAINARD said the Texas state employee retirement system
switched from a traditional defined benefit plan to a cash
balance plan last September. The major difference is that
benefits are affected by the investment performance of the fund.
2:27:55 PM
JOHN DUFFY, representing self, Mat-Su Valley, Alaska, offered
invited testimony in support of SB 88. He stated that his
testimony was based on his prior experience as the manager of
the Mat-Su Borough. He stated support for SB 88, which
reestablishes a defined benefit system for civil servants
working in Alaska. The current system is not competitive in the
labor market with other states. Workers have better financial
and retirement opportunities elsewhere. He experienced this
firsthand when the borough changed its defined benefit system to
a defined contribution system. They immediately had difficulty
attracting qualified applicants. He distinctly remembers how
difficult it was to recruit a qualified borough assessor and
keep the individual in the position. The new assessor left
within two years because the salary was not sufficient for long-
term retirement. The Mat-Su Borough invests significant time and
effort to train employees only to lose them to places that offer
retirement packages, primarily defined benefit plans.
2:30:41 PM
JOHN DUFFY stated that Alaska has become a training academy for
the Lower 48 and Hawaii. The existing retirement system creates
a financial incentive to leave Alaska. SB 88 provides a
reasonable defined benefit system that is affordable and
diversifies risk among employers, employees, and retirees. It
will go a long way towards making Alaska competitive in the
public sector market and help resolve the challenges of
recruiting and retaining competent professional public service
workers. He reiterated support for SB 88.
2:33:03 PM
SENATOR DUNBAR had two questions. First, he asked Mr. Duffy to
talk about the lengths the borough went to find and recruit
employees. Second, he asked him to speak about the effect on the
private sector when local governments aren't able to recruit and
retain qualified employees.
2:33:49 PM
MR. DUFFY answered that without sufficient qualified employees,
it takes the borough much longer to provide services that the
private sector expects such as approving a subdivision plat or a
driveway permit, and it contributes to longer training times
when new employees are hired. He described it as a cascading
effect, resulting in delays in providing timely services.
Additionally, the loss of experienced workers negatively affects
timely emergency response and recovery.
2:35:39 PM
SENATOR DUNBAR reiterated his query regarding efforts to recruit
employees.
2:35:49 PM
JOHN DUFFY answered that after the change to a defined
contribution program, the pool of applicants became drastically
smaller and most were from the Lower 48. This caused concerns
about whether these individuals would stay in Alaska long term.
He said recruiting took longer and the borough had to offer
higher salaries because of the contribution plan. Once trained,
new employees often would leave, wasting the initial investment
in their employment.
2:38:48 PM
DOMINIC LOZANO, President, Alaska Professional Fire Fighters
Association (AKPFFA), Fairbanks, Alaska, offered invited
testimony on SB 88. He explained that he has been a battalion
chief for the Fairbanks Fire Department for the last 23 years.
He stated that in 2004 he testified before a similar committee
on Senate Bill 141, regarding changing to a defined contribution
system. He was a new firefighter at the time and didn't know the
difference between a pension system and a 401(k), but after
doing some research he saw the alarming inadequacy of a defined
contribution system and what this change would do to the state
in the future. Alaska's pension plans experienced large losses
in the early 2000s as a result of poor actuarial advice without
fail safes, reduced contributions to the plan during high market
performance years, and then some down market years. He opined
that the combination of those three factors resulted in a knee
jerk reaction into the defined contribution plan. He said people
were told that Alaska would lead the country into a new era of
defined contribution, but no states have followed Alaska into
the defined contribution world.
2:41:15 PM
MR. LOZANO noted that in the same time period, the state made
good decisions by creating backups to actuarial assumptions,
bringing in multiple experts to evaluate the work, and making
mandatory contributions and large deposits into the fund to pay
off past service costs. What the State of Alaska did not do is
to follow the performance of the defined contribution plan for
its employees. Employee groups have been sounding the alarm for
more than ten years as they have seen the effects of changing to
the defined contribution system.
MR. LOZANO stated that the Alaska Professional Firefighters
Association has been working with legislators in a number of
different legislatures to fix this troubling recruitment and
retention crisis and give public safety employees retirement
security. He asserted that SB 88 is a reasonable defined benefit
plan that shares risks, is financially conservative, and
incorporates best practices from pension plans throughout the
nation. Over the years, firefighters have been given bonuses,
wage increases, and employee satisfaction surveys, yet alarming
vacancy rates amongst all state departments continue. Even more
worrisome is the unprecedented number of employees who have left
public safety since 2006. People who have left Alaska wanted to
stay and raise their families here, but they left nonetheless.
He emphasized the importance of offering better schools and
safer communities, both of which come with retirement security.
He reiterated support for SB 88.
2:45:58 PM
At ease.
2:49:22 PM
CHAIR BJORKMAN reconvened the meeting and opened public
testimony on SB 88, noting that written comments can be
submitted at [email protected].
2:50:09 PM
CHRISTOPHER WRIGHT, representing self, Anchorage, Alaska,
testified in opposition to SB 88, paraphrasing from the
following prepared statement:
Mr. Chair and members of the Committee, my name is
Christopher Wright. I am from Anchorage, AK and am
representing myself. The views I am expressing are
mine and not the Department I work for nor any Boards
I serve on. I am a Law Enforcement Officer and thus a
direct stakeholder in the proposed Pension.
I am asking you to reject a return to a pension system
that will not benefit individual police officers. It
is also not supported by many public safety workers
and stakeholders for which it is designed. Overall
pensions are an outdated and poor way of providing
retirement benefits to workers.
I bring a unique perspective, work experience, and
expertise on this topic. I have been a Police Officer
for 5 years. Prior to, I worked in Investment
Management for 20 years. I "retired from Wall Street"
to become a Police Officer. I consider it an honor to
serve the community I live in.
Many of the stated goals of the Pension Plan will hurt
Officers. It will take away flexibility, career growth
opportunities, and life choices. The entire concept of
forcing police officers to stay in a job handcuffed is
an abject outcome and should rightfully be rejected by
any Community.
My previous career was extremely rewarding as I saw my
Firm's clients reap the rewards of long term
investing. Much of these rewards were directly tied to
the Nationwide transition away from Defined Benefits
and to Defined contribution 401(k) systems. The wealth
built by millions of average income Americans is
directly tied to this transition. It is foolish to
allow Market Risk to force investors into a
"guaranteed" investment. The cost of that guarantee is
enormous!
The State of Alaska, taxpayers, and Public Safety
Workers deserve a cost specific alternative that
allows for individual responsibility and rewards.
2:52:40 PM
SENATOR DUNBAR asked if he was aware that SB 88 does not require
participants in defined contribution plans to join a defined
benefit plan and whether that changes his opinion about his
testimony.
2:52:53 PM
MR. WRIGHT answered that he won't be forced, adding that it's a
loss of potential opportunity for better retirement for people
who are here now. He said he believes the bill will hurt
retention and recruiting because people will have to make a
lifetime commitment to work in Alaska.
2:53:27 PM
SENATOR BISHOP asked if he thought of himself as a competent
money manager.
MR. WRIGHT answered that he can manage his own money but not
other people money.
SENATOR BISHOP asked how many of his colleagues are able to
manage their own money.
2:53:37 PM
MR. WRIGHT answered that he believes his colleagues all can
manage their money. He continued, "I believe that 401(k) systems
are built for average income Americans for decades and the
public sector has been left behind that transition."
2:53:52 PM
SENATOR BISHOP asked him to speak to the individual 401k
investors who were left holding the bag in 2008 when the market
bottomed out. Those investors did not have Taft Hartley plans.
MR. WRIGHT answered that markets will bounce back.
2:55:16 PM
SARAH CANNARD, member, Alaska Professional Firefighters
Association (AKPFFA); IAFF Local 4303, Juneau, Alaska, testified
in support of SB 88. She provided a perspective on working in a
department that is currently not adequately staffed and what
that means for Juneau taxpayers. She explained that two days ago
the fire department lost yet another highly qualified
firefighter and his wife who is in healthcare; they relocated to
Washington, because of the strong support that department
provides to firefighters. The Juneau fire department attempts to
have three ambulances on the road at all times, but without
adequate staffing it's necessary to take a vehicle out of
service. It is heartbreaking when both ambulances are in service
and a call comes in for cardiac arrest and neither ambulance can
help that person right away. Previously, the department was able
to rely on the volunteer corps, but over the last decade the
volunteer corps had also declined. She highlighted that being a
firefighter comes with significant risks not only to one's
health but also post-retirement. She said Juneau firefighters
and EMTs have seen the reality for those who do not have
adequate resources after retirement. This reality forces
firefighters to confront stark choices, knowing where they could
end up without the means to manage a 401(k).
2:58:15 PM
SENATOR DUNBAR inquired whether the family that moved to
Washington state was an isolated incident or common because
people are looking for benefit packages.
SARAH CANNARD answered that the fire rescue sector is saturated
with openings and new recruits are shocked upon learning how
retirement is set up in Alaska.
2:59:42 PM
CONOR KINCAID, member, Juneau Career Firefighters IAFF Local
4303, Juneau, Alaska, testified in support of SB 88. He and his
spouse are both employees of Capital City Fire Rescue. They are
Alaska-raised and love living here, but they're actively seeking
jobs elsewhere that offer defined benefit retirement systems.
Learning from previous testimonies about the staffing retention
crisis of the school system raises concern about having a good
school to send one's children to. Alaska wages have not kept up
with other states, so working for less with less security is not
appealing.
3:01:19 PM
NICK CLARK, President, Fairbanks Firefighters Union Local 1324,
Fairbanks, Alaska, testified in support of SB 88. He relayed
that both he and his spouse are participants in the defined
contribution plan and would prefer a defined benefit program. In
2022, the department hired 15 people, which makes up a third of
the whole department. Seventy percent of the department have
less than five years of experience; this is known as the
hollowing out of knowledge and experience. There are only six
legacy chair members left with the Fairbanks Fire Department.
Department. The same year, the university fire department
struggled to fill two captain vacancies. In 2022, members worked
15,896 overtime hours and 9,474 were forced hours. That's 1,057
24-hour shifts split between 42 firefighters. Each firefighter
worked an extra 2.5 months of shift time in 2020, nearly half of
which was not voluntary. Members are leaving the state and
starting families in the Lower 48. Members who leave say they
feel forced to leave to ensure their financial security. He
posited that having a secure retirement will keep firefighters
in Alaska, whereas continuing with an inadequate defined
contribution plan will force them to leave.
3:03:53 PM
COREY AIST, President, Anchorage Education Association (AEA),
Anchorage, Alaska, testified in support of SB 88. He stated that
SB 88 responds to the critical educator recruitment and
retention crisis plaguing the Anchorage School District and the
State of Alaska. Anchorage used to be one of the top
destinations for educators in the country. The district offered
competitive compensation and a benefits package that attracted
top notch educators, but this is no longer true. Currently there
are 538 open positions in the Anchorage School District. The
university is only graduating about 150 teachers a year, so the
state is only producing a small margin of what is needed in the
Anchorage School District, let alone the statewide need.
Returning to a state defined benefit program would allow the
state to become more competitive during a national teacher
shortage. Already this year, 256 educators have given notice of
resignation. He said the district is in a staffing crisis.
3:06:30 PM
NICK STEELE, representing self, Kodiak, Alaska, testified in
support of SB 88. He stated that he and his wife are teachers,
they have a new baby, and they are concerned about the lack of a
defined benefit retirement program for Alaskan educators,
especially since this is the only state with no Social Security.
Currently, teachers need to work for about 30 years to get the
most out of healthcare. He opined that the best part about SB 88
is the option to either take the defined benefit or keep the
401(k) account. He related that a fellow educator who has 15
years of service has $150,000 in her retirement account, which
is less than three years of salary to support herself in
retirement. He opined that SB 88 will make Alaska more
competitive.
3:09:22 PM
NATHAN ERFURTH, President, Kenai Peninsula Education
Association, Kenai, Alaska, testified in support of SB 88. He
expressed support for SB 88 as an educator and a father. He
mentioned having emotional conversations with educators who are
leaving Alaska on a regular basis in the face of no defined
benefit. Educators are willing to endure a lot for the
profession and the students, but ultimately, they have an
obligation to provide security to their families. Students and
the economy suffer from the turnover; stability and investment
in education results in increased outcomes, better schools,
lower crime rates, and a more productive society. Teacher hiring
fairs used to have hundreds of thousands of attendees and now
candidates are sometimes outnumbered by districts that are
desperate to hire. He urged the committee to vote in favor of SB
88.
3:11:28 PM
HEATHER BAKER, representing self, Soldotna, Alaska, expressed
support for SB 88 as an educator and a parent. She recapped her
accomplishments and recognition as an excellent teacher and that
the state might lose her if better retirement options aren't
offered timely. She tells her children to plan ahead, realizing
that she isn't taking her own advice. She received an offer in
Washington where she would have a bigger paycheck, a hiring
bonus, and a defined benefit retirement for less time than if
she worked in Alaska. She said the simple truth is that Alaska
isn't doing enough to retain quality educators. Vacancies and
turnover is foreboding for the future of Alaska; she sees that
the quality of her children's education is diminishing.
3:14:16 PM
SHANE WESTCOTT, member, Alaska Professional Fire Fighters
Association; Local 1264, Anchorage, Alaska, testified in support
of SB 88. He said SB 88 is a reasonable shared risk plan between
the employee and the state.
3:15:40 PM
CHAIR BJORKMAN announced that he will leave public testimony
open on SB 88 and hold the bill in committee. He reiterated that
public testimony can be submitted to [email protected].
3:16:23 PM
There being no further business to come before the committee,
Chair Bjorkman adjourned the Senate Labor and Commerce Standing
Committee meeting at 3:16 p.m.
| Document Name | Date/Time | Subjects |
|---|---|---|
| SB 88 Public Testimony-Letters of Support-received as of 03.11-15.23.pdf |
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 ARMB vs Mercer Lawsuit 03.16.23.pdf |
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 Supporting Documents-News Article_NY Times_Mercer's Little Alaska Problem.pdf |
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 DOA Funded Ratio Combined PERS TRS 03.16.23.pdf |
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 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 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 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 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 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 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 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 |
| SB 70 Draft Proposed Amendment A.2.pdf |
SL&C 3/17/2023 1:30:00 PM |
SB 70 |