03/26/2013 01:30 PM Senate LABOR & COMMERCE

           SB 65-RETIREMENT PLANS; ROTH IRAS; PROBATE                                                                       
                                                                                                                                
1:58:52 PM                                                                                                                    
CHAIR  DUNLEAVY   reconvened  the   meeting  and   announced  the                                                               
consideration  of SB  65,  a bill  sponsored  by Senator  Coghill                                                               
which  deals with  retirement plans,  Roth IRAs  and probate.  He                                                               
said this  was the second hearing  and his intention was  to move                                                               
the  bill from  committee. He  requested  a motion  to adopt  the                                                               
committee substitute (CS).                                                                                                      
                                                                                                                              
SENATOR MICCICHE  moved to adopt  the CS  for SB 65,  labeled 28-                                                               
LS0473\N, as the working document.                                                                                              
                                                                                                                                
CHAIR DUNLEAVY objected for discussion purposes.                                                                                
                                                                                                                              
1:59:35 PM                                                                                                                    
CHAD HUTCHISON,  Staff, Senator John Coghill,  sponsor, explained                                                               
that the CS eliminates the previous Section 38.                                                                                 
                                                                                                                                
DAVID SHAFTEL, Attorney, Shaftel  Law Offices, Anchorage, Alaska,                                                               
described  the  changes in  version  N.  He explained  that  upon                                                               
review  of  the companion  House  version  of  the bill,  it  was                                                               
determined that Section  38 was unnecessary. One  other change, a                                                               
typographical error in the original bill, was corrected.                                                                        
                                                                                                                                
2:01:25 PM                                                                                                                    
SENATOR MICCICHE  asked if the entire  insurable interest section                                                               
was removed.                                                                                                                    
                                                                                                                                
MR. SHAFTEL replied that the original  SB 65 added the phrase "or                                                               
immediately after the contract was  made," to AS 21.42.020(a) but                                                               
upon review it was decided that it was unnecessary.                                                                             
                                                                                                                                
CHAIR DUNLEAVY  withdrew his objection  and version N  was before                                                               
the committee.                                                                                                                  
                                                                                                                                
SENATOR MICCICHE asked if the  bill was referred to the Judiciary                                                               
Committee.                                                                                                                      
                                                                                                                                
CHAIR  DUNLEAVY  said  yes.  Finding   no  further  questions  or                                                               
comments, he solicited a motion.                                                                                                
                                                                                                                                
SENATOR  MICCICHE moved  to  report  CS for  SB  65, labeled  28-                                                               
LS0473\N,  from  committee  with individual  recommendations  and                                                               
attached fiscal notes.                                                                                                          
                                                                                                                                
CHAIR  DUNLEAVY announced  that  without  objection CSSB  65(L&C)                                                               
moved from Senate Labor and Commerce Standing Committee.