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30th Legislature(2017-2018)

Bill Text 30th Legislature


00 Enrolled HB 306                                                                                                         
01 Relating to disbursement options under the Public Employees' Retirement System of Alaska                                
02 and the Teachers' Retirement System of Alaska for participants in the defined contribution                              
03 plan; and providing for an effective date.                                                                              
04                           _______________                                                                               
05    * Section 1. AS 14.25.420(a) is amended to read:                                                                     
06            (a)  A participant may elect to receive distribution of the participant's share of                           
07       the individual account in a                                                                                       
08                 (1)  lump sum payment, which is a single payment of the entire balance                                  
09       in the account;                                                                                                   
10                 (2)  periodic lump sum payment, which is a payment of a portion of the                                  
11       balance in the account, not more than twice each year;                                                            
12                 (3)  period certain annuity payment, which is an annuity payable in a                                   
13       fixed number of monthly installments for a duration of 60, 120, or 180 months;                                    
14                 (4)  life annuity with a period certain payment, which is an annuity                                    
01 payable until the later of the first day of the month in which the annuitant's death                                    
02 occurs, or the date on which the payment of a fixed number of monthly installments is                                   
03       completed; the period certain for installments is 120 or 180 months;                                              
04 (5)  single life annuity payment, which is an annuity payable monthly                                                   
05       until the first of the month in which the annuitant's death occurs; [OR]                                          
06 (6)  joint and survivor annuity payment, which is an annuity payable                                                    
07 monthly to the member until the first of the month in which the member's death                                          
08 occurs; after the member's death, a survivor annuity equal to 50 percent or 100 percent                                 
09 of the member's benefit, as previously elected by the member, shall be paid monthly to                                  
10       the joint annuitant for the remainder of the survivor's lifetime; or                                            
11 (7)  payment as authorized by a regulation adopted by the                                                             
12       commissioner of administration.                                                                                 
13    * Sec. 2. AS 39.35.820(a) is amended to read:                                                                        
14 (a)  A participant may elect to receive the participant's share of the individual                                       
15       account in a                                                                                                      
16 (1)  lump sum payment, which is a single payment of the entire balance                                                  
17       in the account;                                                                                                   
18 (2)  periodic lump sum payment, which is a payment of a portion of the                                                  
19       balance in the account, not more than twice each year;                                                            
20 (3)  period certain annuity payment, which is an annuity payable in a                                                   
21       fixed number of monthly installments for a duration of 60, 120, or 180 months;                                    
22 (4)  life annuity with a period certain payment, which is an annuity                                                    
23 payable until the later of the first day of the month in which the annuitant's death                                    
24 occurs, or the date on which the payment of a fixed number of monthly installments is                                   
25       completed; the period certain for installments is 120 or 180 months;                                              
26 (5)  single life annuity payment, which is an annuity payable monthly                                                   
27       until the first of the month in which the annuitant's death occurs; [OR]                                          
28 (6)  joint and survivor annuity payment, which is an annuity payable                                                    
29 monthly to the member until the first of the month in which the member's death                                          
30 occurs; after the member's death, a survivor annuity equal to 50 percent or 100 percent                                 
31 of the member's benefit, as previously elected by the member, shall be paid monthly to                                  
01       the joint annuitant for the remainder of the survivor's lifetime; or                                            
02                 (7)  payment as authorized by a regulation adopted by the                                             
03       commissioner of administration.                                                                                 
04    * Sec. 3. The uncodified law of the State of Alaska is amended by adding a new section to                            
05 read:                                                                                                                   
06 TRANSITION: REGULATIONS. (a) The commissioner of administration may adopt                                               
07 regulations necessary to implement this Act. Regulations adopted by the commissioner of                                 
08 administration under this Act relate to the internal management of a state agency and are not                           
09 subject to AS 44.62 (Administrative Procedure Act) under AS 14.25.005 and AS 39.35.005.                                 
10       (b)  Regulations adopted under this section may not take effect before the effective                              
11 date of the law being implemented by the regulation.                                                                    
12    * Sec. 4. Section 3 of this Act takes effect immediately under AS 01.10.070(c).                                      
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