00 SENATE BILL NO. 192                                                                                                     
01 "An Act relating to benefits for members of the public employees' retirement                                            
02 system during a subsequent retirement."                                                                                 
03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
04    * Section 1.  AS 39.35.150 is amended to read:                                                                       
05  Sec. 39.35.150.  RE-EMPLOYMENT OF RETIRED EMPLOYEES.  If a                                                            
06 retired employee subsequently becomes an active member, no benefit payments may                                       
07 [WILL] be made during the period of re-employment.  During the period of                                                
08 re-employment, deductions from the employee's salary shall [WILL] be made in                                          
09 accordance with AS 39.35.160.  Upon subsequent retirement, the retired employee is                                      
10 entitled to receive                                                                                                     
11   (1)  an additional pension based on the credited service and the average                                           
12 monthly compensation earned during the period of re-employment in accordance with                                       
13 AS 39.35.370; and                                                                                                      
14   (2)  an increase to the amount of the employee's initial monthly                                                     
01 benefit equal to the amount of the post retirement pension adjustments for which                                        
02 the employee would have been eligible under AS 39.35.475 had the member been                                            
03 receiving retirement benefits during the period of re-employment.