HOUSE BILL NO. 385                                                                                                            
                                                                                                                                
     "An Act  relating to additional state  contributions to                                                                    
     the teachers'  defined benefit retirement plan  and the                                                                    
     public employees' defined  benefit retirement plan; and                                                                    
     providing for an effective date."                                                                                          
                                                                                                                                
Co-Chair Kelly  requested an explanation  of changes  of the                                                                    
differences between SB 220 and HB 385.                                                                                          
                                                                                                                                
3:33:44 PM                                                                                                                    
                                                                                                                                
ANGELA  RODELL, COMMISSIONER,  DEPARTMENT OF  REVENUE, spoke                                                                    
to the changes  between the 2 bills. She  related that there                                                                    
were no  changes made between  the house companion  bill and                                                                    
SB  220. She  stated  that the  legislation  provided for  a                                                                    
fixed  amount  of $343  million  to  be deposited  into  the                                                                    
Teachers Retirement System (TRS)  on an annual basis through                                                                    
FY 36; it also would  appropriate $157 million to the Public                                                                    
Employee  Retirement  System  (PERS)   on  an  annual  basis                                                                    
through FY 36.  She related that the bill  also provided for                                                                    
$1.1 billion to  be deposited in a lump sum  to TRS and $1.8                                                                    
billion into  PERS. She  added that  the bill  was unchanged                                                                    
from what  had been presented  to the committee  on February                                                                    
20th.                                                                                                                           
                                                                                                                                
KATHY  WASSERMAN,   EXECUTIVE  DIRECTOR,   ALASKA  MUNICIPAL                                                                    
LEAGUE, JUNEAU,  related that Alaska Municipal  League (AML)                                                                    
supported the  bill and  that it had  been its  priority for                                                                    
several years.  She stated that  AML had been  supportive of                                                                    
the governor's  proposal since it  had been  introduced. She                                                                    
thanked  the committee  for its  work on  the issue  and for                                                                    
helping maintained the 22 percent  salary base into the PERS                                                                    
system. She  stated that AML  liked the bill because  it was                                                                    
predictable, allowed  for budgeting, and it  was affordable.                                                                    
She related  that even though  the municipalities  would pay                                                                    
more at the  end as the amortization  schedule extended, AML                                                                    
was willing  to do that in  order to keep it  affordable for                                                                    
the municipalities.                                                                                                             
                                                                                                                                
Co-Chair Kelly CLOSED public testimony.                                                                                         
                                                                                                                                
3:37:11 PM                                                                                                                    
AT EASE                                                                                                                         
                                                                                                                                
3:37:49 PM                                                                                                                    
RECONVENED                                                                                                                      
                                                                                                                                
                                                                                                                                
Co-Chair Kelly discussed the upcoming conference committee.                                                                     
                                                                                                                                
3:38:25 PM                                                                                                                    
RECESSED                                                                                                                        
                                                                                                                                
HJR 10 was SCHEDULED but not HEARD.                                                                                             
                                                                                                                                
CSHB 140(FIN) was SCHEDULED but not HEARD.                                                                                      
                                                                                                                                
CSHB 160(FIN) was SCHEDULED but not HEARD.                                                                                      
                                                                                                                                
CSHB 287(RLS) am was SCHEDULED but not HEARD.                                                                                   
                                                                                                                                
HB 306 was SCHEDULED but not HEARD.