CSHB 198(FIN): "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(FIN) 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 who has been receiving benefits under former 09 AS 39.37.050(a)(1) for at least 15 years, if the monthly salary and, if appropriate, the 10 additional allowances established under AS 24.10.110, authorized for the office from which 11 the member retired has not increased in at least 15 years, the monthly benefit payable to the 12 member or the member's survivor under former AS 39.37 (elected public officers retirement 13 system) shall be increased as set out in this section. The amount of the increase is an amount 14 equal to the monthly benefit to which the member or survivor is entitled multiplied by 75
01 percent of the percentage increase in the cost of living since the benefit was last adjusted 02 under this section or former AS 39.37.050(a)(1) or since the member retired under former 03 AS 39.37, whichever is later. 04 (b) Notwithstanding former AS 39.37.050(a)(1), if a benefit is increased under (a) of 05 this section and if the monthly salary and, if appropriate, the additional allowances established 06 under AS 24.10.110, authorized for the office from which a member retired is subsequently 07 increased, the member's or survivor's benefit under former AS 39.37 may not be increased 08 until the increase in benefits based on former AS 39.37.050(a)(1) equals or exceeds the 09 increase based on (a) of this section. If benefits based on former AS 39.37.050(a)(1) increase 10 to more than the increased benefit computed under (a) of this section, the member or survivor 11 is entitled to receive an additional increase based on the difference between the two amounts. 12 (c) The administrator of the public employees' retirement system shall implement this 13 section. 14 (d) When computing a survivor's benefit under former AS 39.37.060, adjustments 15 granted to the deceased member or survivor under this section shall be included. 16 (e) An increase in benefit payments under this section is effective July 1 of each 17 calendar year and is based on the percentage increase in the consumer price index for urban 18 wage earners and clerical workers for Anchorage, Alaska, during the previous calendar year, 19 as determined by the United States Department of Labor, Bureau of Labor Statistics. 20 (f) In this section, "system" means the elected public officers retirement system under 21 former AS 39.37.