2003-05-21                     Senate Journal                      Page 1722
SB 232                                                                                            
SENATE BILL NO. 232 BY THE SENATE RULES COMMITTEE                                                   
BY REQUEST OF THE GOVERNOR, entitled:                                                               
                                                                                                    
         "An Act relating to federal requirements for                                               
         governmental plan and other qualifications for the                                         
         teachers' retirement system, the public employees'                                         
         retirement system, and the judicial retirement system;                                     
         and providing for an effective date."                                                      
                                                                                                    
was read the first time and referred to the State Affairs and Finance                               
Committees.                                                                                         
                                                                                                    
The following fiscal information was published today:                                               
 Fiscal Note No. 1, zero, Department of Administration                                              
                                                                                                    
Governor's transmittal letter dated May 20:                                                         
                                                                                                    
Dear President Therriault:                                                                          
                                                                                                    
Under the authority of art. III, sec. 18, of the Alaska Constitution, I am                          
transmitting a bill relating to federal requirements for governmental                               
plan qualifications for the teachers' retirement system, the public                                 
employees' retirement system, and the judicial retirement system, as                                
required by the federal Internal Revenue Service.                                                   
                                                                                                    
This bill also would further implement changes that allow retirement                                
system members to selectively transfer pre-tax money, or make                                       
additional contributions, to repay indebtedness and to purchase                                     
permissible service credits in the Alaska retirement systems. These                                 
changes would allow members to better plan their retirement and to                                  
make their financial future more secure. Taking advantage of such tax                               
law provisions would strengthen the retirement systems in a cost-                                   
effective manner.                                                                                   
                                                                                                    

2003-05-21                     Senate Journal                      Page 1723
Sincerely,                                                                                          
/s/                                                                                                 
Frank H. Murkowski                                                                                  
Governor