2018-01-24                     Senate Journal                      Page 1817
retirement system (AS 14.25) hired after July 1, 2006. Each plan                                                                
includes provisions for membership, participation, contributions by                                                             
members and employers, and distribution of a participant’s share.                                                               
                                                                                                                                
Currently, the law places statutory restrictions on the forms of                                                                
distribution. Unfortunately, for plan participants, the statutory options                                                       
have proven to be inflexible and serve to limit plan participant options.                                                       
The Division of Retirement and Benefits has found through surveys                                                               
that plan participants desire further options, including an option for a                                                        
guaranteed lifetime income product. To meet this need, the                                                                      
Department of Revenue (DOR) and the Department of Administration                                                                
(DOA) are considering available options and will make those                                                                     
recommended options available for consideration bythe Alaska                                                                    
Retirement Management Board in the spring of 2018.                                                                              
                                                                                                                                
This bill would provide DOA with the ability to put plan options in                                                             
regulation. Through the regulation process, DOA would have more                                                                 
flexibility to respond to participant needs. This will result in better                                                         
options for participants, enhance the desirability of public service as a                                                       
career, and provide a more stable financial future for plan participants.                                                       
                                                                                                                                
I urge your prompt and favorable action on this measure.                                                                        
                                                                                                                                
Sincerely,                                                                                                                      
/s/                                                                                                                             
Bill Walker                                                                                                                     
Governor                                                                                                                        
                                                                                                                                
SB 160                                                                                                                        
SENATE BILL NO. 160 BY SENATOR BEGICH, entitled:                                                                                
                                                                                                                                
          "An Act relating to the regulation of broadband                                                                       
          Internet; and making certain actions by broadband                                                                     
          Internet service providers unlawful acts or practices                                                                 
          under the Alaska Unfair Trade Practices and                                                                           
          Consumer Protection Act."                                                                                             
                                                                                                                                
was read the first time and referred to the Labor and Commerce and                                                              
State Affairs Committees.