SB 293: "An Act relating to the teachers' and public employees' retirement systems and creating defined contribution and health reimbursement plans for members of the teachers' retirement system and the public employees' retirement system who are first hired after July 1, 2008; providing for an effective date by amending the effective date section of sec. 148, ch. 9, FSSLA 2005; and providing for an effective date."
00 SENATE BILL NO. 293 01 "An Act relating to the teachers' and public employees' retirement systems and creating 02 defined contribution and health reimbursement plans for members of the teachers' 03 retirement system and the public employees' retirement system who are first hired after 04 July 1, 2008; providing for an effective date by amending the effective date section of 05 sec. 148, ch. 9, FSSLA 2005; and providing for an effective date." 06 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 07 * Section 1. AS 14.25.009 is amended to read: 08 Sec. 14.25.009. Applicability of AS 14.25.009 - 14.25.220. The provisions of 09 AS 14.25.009 - 14.25.220 apply only to members first hired before July 1, 2008 10 [2006]. 11 * Sec. 2. AS 14.25.012(c) is amended to read: 12 (c) Employees first hired after June 30, 2008 [2006], are not eligible to 13 participate in the plan established in AS 14.25.009 - 14.25.220.
01 * Sec. 3. AS 14.25.310 is amended to read: 02 Sec. 14.25.310. Applicability of AS 14.25.310 - 14.25.590. The provisions of 03 AS 14.25.310 - 14.25.590 apply only to teachers who first become members on or 04 after July 1, 2008 [2006], or to members who transfer into the defined contribution 05 plan under AS 14.25.540. 06 * Sec. 4. AS 14.25.320(b) is amended to read: 07 (b) The defined contribution retirement plan includes a plan in which savings 08 are accumulated in an individual account for the exclusive benefit of the member or 09 beneficiaries. The plan is established effective July 1, 2008 [2006], at which time 10 contributions by employers and members begin. 11 * Sec. 5. AS 14.25.330(a) is amended to read: 12 Sec. 14.25.330. Membership. (a) A teacher who first becomes a member on or 13 after July 1, 2008 [2006], shall participate in the plan as a member of the defined 14 contribution retirement plan. 15 * Sec. 6. AS 39.30.300 is amended to read: 16 Sec. 39.30.300. State of Alaska Teachers' and Public Employees' Retiree 17 Health Reimbursement Arrangement Plan established. The State of Alaska 18 Teachers' and Public Employees' Retiree Health Reimbursement Arrangement Plan is 19 established for teachers who first become members of the defined contribution plan of 20 the teachers' retirement system under AS 14.25.310 - 14.25.590 on or after July 1, 21 2008 [2006], and employees of the state, political subdivisions of the state, and public 22 organizations of the state who first become members of the defined contribution plan 23 of the public employees' retirement system under AS 39.35.700 - 39.35.990 on or after 24 July 1, 2008 [2006]. 25 * Sec. 7. AS 39.30.310(b) is amended to read: 26 (b) The plan becomes effective July 1, 2008 [2006], at which time 27 contributions by employers begin. 28 * Sec. 8. AS 39.35.095 is amended to read: 29 Sec. 39.35.095. Applicability of AS 39.35.095 - 39.35.680. The following 30 provisions of this chapter apply only to members first hired before July 1, 2008 31 [2006]: AS 39.35.095 - 39.35.680.
01 * Sec. 9. AS 39.35.700 is amended to read: 02 Sec. 39.35.700. Applicability of AS 39.35.700 - 39.35.990. The provisions of 03 AS 39.35.700 - 39.35.990 apply only to members first hired on or after July 1, 2008 04 [2006], or to members who transfer into the defined contribution plan under 05 AS 39.35.940. 06 * Sec. 10. AS 39.35.710(b) is amended to read: 07 (b) The defined contribution retirement plan is a plan in which savings are 08 accumulated in an individual retirement account for the exclusive benefit of the 09 member or beneficiaries. The plan is established effective July 1, 2008 [2006], at 10 which time contributions by employers and members begin. 11 * Sec. 11. AS 39.35.720 is amended to read: 12 Sec. 39.35.720. Membership. An employee who becomes a member on or 13 after July 1, 2008 [2006], shall participate in the plan set out in AS 39.35.700 - 14 39.35.990. 15 * Sec. 12. AS 39.35.750(c) is amended to read: 16 (c) Notwithstanding (b) of this section, the employer contribution for retiree 17 major medical insurance for fiscal year 2009 [2007] shall be 1.75 percent of each 18 member's compensation from July 1 to the following June 30. 19 *Sec. 11. Section 148, ch. 9, FSSLA 2005, is amended to read: 20 Sec. 148. Sections 2, 8, 35, 40, 46, 61, 69, 80, 82, 122, and 134 of this Act take 21 effect July 1, 2008 [2006]. 22 * Sec. 13. The uncodified law of the State of Alaska is amended by adding a new section to 23 read: 24 CONDITIONAL RETROACTIVITY. If secs. 1 - 13 of this Act take effect after 25 July 1, 2006, secs. 1 - 13 of this Act are retroactive to July 1, 2006. 26 * Sec. 14. This Act takes effect immediately under AS 01.10.070(c).