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.