CSHB 159(FIN): "An Act permitting certain employees in state correctional facilities to convert their credited service under the public employees' retirement system to credited service as peace officers."
00CS FOR HOUSE BILL NO. 159(FIN) 01 "An Act permitting certain employees in state correctional facilities to convert 02 their credited service under the public employees' retirement system to credited 03 service as peace officers." 04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 05 * Section 1. AS 39.35.370 is amended by adding a new subsection to read: 06 (g) When an employee who was employed in the public employees' retirement 07 system as an employee of a state correctional facility, as defined in AS 33.30.901, 08 other than as a correctional officer or correctional superintendent applies for 09 appointment to retirement, the employee may convert the credited service for that 10 position to credited service as a peace officer by claiming the service as peace officer 11 service. An employee who has converted credited service to peace officer service 12 under this subsection shall be treated as a peace officer for purposes of this chapter. 13 When the member claims this credited service as peace officer service, an indebtedness 14 of the member to the system shall be established. The indebtedness is equal to the full
01 actuarial cost of the conversion of the credited service to treatment as peace officer 02 service. Any outstanding indebtedness that exists at the time the member is appointed 03 to retirement will require an actuarial adjustment to the benefits payable based upon 04 the conversion of the credited service.