CSHB 198(STA): "An Act relating to a post-retirement pension adjustment for certain persons receiving benefits under the Elected Public Officers Retirement System."
00 CS FOR HOUSE BILL NO. 198(STA) 01 "An Act relating to a post-retirement pension adjustment for certain persons receiving 02 benefits under the Elected Public Officers Retirement System." 03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 04 * Section 1. The uncodified law of the State of Alaska is amended by adding a new section 05 to read: 06 RETIREMENT BENEFITS UNDER ELECTED PUBLIC OFFICERS 07 RETIREMENT SYSTEM FOR CERTAIN BENEFIT RECIPIENTS. (a) For a member of 08 the elected public officers retirement system receiving benefits under former 09 AS 39.37.050(a)(1), if the monthly salary and, if appropriate, the additional allowances 10 established under AS 24.10.110, authorized for the office from which the member retired has 11 not increased in at least 15 years, the monthly benefit payable to the member or the member's 12 survivor under former AS 39.37 (elected public officers retirement system) shall be increased 13 as set out in this section. The amount of the increase is an amount equal to the monthly 14 benefit to which the member or survivor is entitled multiplied by 75 percent of the percentage
01 increase in the cost of living since the benefit was last adjusted under this section or former 02 AS 39.37.050(a)(1) or since the member retired under former AS 39.37, whichever is later. 03 (b) Notwithstanding former AS 39.37.050(a)(1), if a benefit is increased under (a) of 04 this section and if the monthly salary and, if appropriate, the additional allowances established 05 under AS 24.10.110, authorized for the office from which a member retired is subsequently 06 increased, the member's or survivor's benefit under former AS 39.37 may not be increased 07 until the increase in benefits based on former AS 39.37.050(a)(1) equals or exceeds the 08 increase based on (a) of this section. If benefits based on former AS 39.37.050(a)(1) increase 09 to more than the increased benefit computed under (a) of this section, the member or survivor 10 is entitled to receive an additional increase based on the difference between the two amounts. 11 (c) The administrator of the public employees' retirement system shall implement this 12 section. 13 (d) When computing a survivor's benefit under former AS 39.37.060, adjustments 14 granted to the deceased member or survivor under this section shall be included. 15 (e) An increase in benefit payments under this section is effective July 1 of each 16 calendar year and is based on the percentage increase in the consumer price index for urban 17 wage earners and clerical workers for Anchorage, Alaska, during the previous calendar year, 18 as determined by the United States Department of Labor, Bureau of Labor Statistics. 19 (f) In this section, "system" means the elected public officers retirement system under 20 former AS 39.37.