00                      CS FOR HOUSE BILL NO. 152(L&C)                                                                    
01 "An Act eliminating requirements that certain employers who terminate participation                                     
02 in the defined benefit retirement plan of the public employees' retirement system pay                                   
03 termination costs and the cost of a termination cost study in order to become eligible for                              
04 future participation in the public employees' retirement system; repealing requirements                                 
05 that employers who terminate participation in the defined contribution retirement plan                                  
06 or the defined benefit retirement plan of the public employees' retirement system pay                                   
07 termination costs and pay for a termination cost study; and providing for an effective                                  
08 date."                                                                                                                  
09 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
10    * Section 1. AS 39.35.615(i) is amended to read:                                                                   
11            (i)  Termination of coverage of a department, group, or other classification of                              
12       employees does not bar future coverage of that department, group, or classification [IF                           

01       THE EMPLOYER IS CURRENT WITH PAYMENTS ON AMOUNTS DUE                                                              
02       UNDER AS 39.35.625]. If coverage of a department, group, or classification is                                     
03       terminated under (a) of this section and the employer later amends its participation                              
04       agreement to provide renewed coverage of that department, group, or classification, an                            
05       affected employee may be credited only with future service.                                                       
06    * Sec. 2. AS 39.35.620(k) is amended to read:                                                                      
07            (k)  Termination of an employer's participation in the plan does not bar future                              
08       participation in the system by that employer [IF THE EMPLOYER IS CURRENT                                          
09       WITH PAYMENTS ON AMOUNTS DUE UNDER AS 39.35.625]. If a previously                                                 
10       terminated employer returns to the system, the employer may only participate in the                               
11       plan established under AS 39.35.700 - 39.35.990. Employees may be credited under                                  
12       AS 39.35.700 - 39.35.990 only with service subsequent to the date of return.                                      
13    * Sec. 3. AS 39.35.625, 39.35.958(c), 39.35.958(e), and 39.35.958(f) are repealed.                                 
14    * Sec. 4. 2 AAC 35.235 is annulled.                                                                                
15    * Sec. 5. The uncodified law of the State of Alaska is amended by adding a new section to                          
16 read:                                                                                                                   
17       CONDITIONAL EFFECT. Sections 1 - 4 of this Act take effect only if the legislature                                
18 appropriates $1,200,000,000 or more to the trust funds of the public employees' retirement                              
19 system and the teachers' retirement system for the fiscal year ending June 30, 2015, and the                            
20 appropriation is enacted into law.                                                                                      
21    * Sec. 6. If, under sec. 5 of this Act, secs. 1 - 4 of this Act take effect, they take effect                      
22 immediately under AS 01.10.070(c).