Legislature(2023 - 2024)BELTZ 105 (TSBldg)
04/28/2023 01:30 PM Senate LABOR & COMMERCE
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| Audio | Topic |
|---|---|
| Start | |
| SB88 | |
| SB116 | |
| SB123 | |
| Adjourn |
* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
+ teleconferenced
= bill was previously heard/scheduled
| += | SB 88 | TELECONFERENCED | |
| *+ | SB 116 | TELECONFERENCED | |
| += | SB 123 | TELECONFERENCED | |
| + | TELECONFERENCED | ||
SB 88-RETIREMENT SYSTEMS; DEFINED BENEFIT OPT.
1:34:52 PM
CHAIR BJORKMAN announced the consideration of SENATE BILL NO. 88
"An Act relating to the Public Employees' Retirement System of
Alaska and the teachers' retirement system; providing certain
employees an opportunity to choose between the defined benefit
and defined contribution plans of the Public Employees'
Retirement System of Alaska and the teachers' retirement system;
and providing for an effective date."
1:34:56 PM
CHAIR BJORKMAN noted that a motion to adopt the CS for SB 88,
version R, was pending before the committee. He removed his
objection. He found no further objection and version R was
adopted as the working document.
CHAIR BJORKMAN requested a motion to adopt the proposed
amendment.
1:35:48 PM
SENATOR BISHOP moved to adopt Amendment 1, work order 33-
LS0505\R.1.
33-LS0505\R.1
Klein
4/26/23
AMENDMENT 1
OFFERED IN THE SENATE
TO: CSSB 88( ), Draft Version "R"
Page 3, line 27, through page 4, line 4:
Delete all material and insert:
"(4) before the date of reemployment,
(A) has not received a distribution of
the entire balance in the teacher's individual
account under the defined contribution retirement
plan under AS 14.25.310 - 14.25.590; or
(B) has received a rollover
distribution of the entire balance in the
teacher's individual account in the plan under
AS 14.25.310 - 14.25.590 and has within 120 days
of reemployment had all or part of a direct
rollover distribution from an eligible retirement
plan owned by the teacher paid directly into the
teacher's individual account under AS 14.25.310 -
14.25.590."
Page 31, line 26, through page 32, line 3:
Delete all material and insert:
"(4) before the date of reemployment,
(A) has not received a distribution of
the entire balance in the employee's individual
account under the defined contribution retirement
plan established in AS 39.35.700 - 39.35.990; or
(B) has received a rollover
distribution of the entire balance in the
member's individual account in the defined
contribution retirement plan and has within 120
days of reemployment had all or part of a direct
rollover distribution from an eligible retirement
plan owned by the member paid directly into the
member's individual account."
CHAIR BJORKMAN objected for purposes of discussion.
SENATOR BISHOP explained Amendment 1.
CHAIR BJORKMAN removed his objection. He found no further
objection and Amendment 1 was adopted.
1:37:37 PM
SENATOR DUNBAR thanked Senator Giessel and others for their work
on the legislation.
1:38:34 PM
CHAIR BJORKMAN sought the will of committee.
1:38:36 PM
SENATOR BISHOP moved to report CSSB 88, work order 33-LS0505\R,
as amended, from committee with individual recommendations and
attached fiscal note(s).
CHAIR BJORKMAN found no objection and CSSB 88(L&C) was reported
from the Senate Labor and Commerce Standing Committee.