The bill seeks to amend the Public Employees' Retirement System of Alaska and the teachers' retirement system, primarily focusing on enhancing benefits for disabled individuals and providing retirement plan options. It allows teachers who were retired due to disability to regain their tenure rights if their disability is resolved, contingent upon certification from the commissioner of administration. Additionally, the bill introduces a one-time election for teachers hired after the effective date to choose between defined benefit and defined contribution retirement plans, with specific provisions for contributions and employer participation. Key amendments include the repeal and reenactment of sections related to retirement plan applicability and adjustments to contribution rates based on hire dates.

Moreover, the bill establishes new requirements for disabled employees, mandating proof of application for disability payments under the Social Security Act and enrollment in vocational rehabilitation programs within specified timeframes. It also modifies the conditions under which public employees can elect to switch retirement plans, ensuring informed and irrevocable decisions. The legislation includes adjustments to premium payments for retiree medical insurance based on service years and age, and clarifies definitions related to the retirement system's administration. The commissioner of administration is tasked with adopting necessary regulations for implementation, with most provisions set to take effect on July 1, 2025.

Statutes affected:
SB0027A, AM SB 27, introduced 01/10/2025: 14.20.165, 14.25.130, 14.25.009, 14.25.220, 14.25.310, 14.25.590, 14.25.040, 14.40.661, 14.40.799, 14.25.330, 14.25.540, 14.25.050, U.S.C, 14.25.168, 14.25.350, 14.25.167, 39.35.095, 39.35.680, 14.25.070, 14.25.485, 39.35.700, 39.35.990, 39.35.600, 39.35.650, 39.35.160, 39.35.400, 39.35.410, 39.35.535, 39.35.360, 39.35.370, 39.35.750, 39.35.530, 39.35.620, 39.35.625, 39.35.720, 39.35.940, 39.35.255, 39.35.890, 14.25.012, 39.35.957, 39.30.150, 39.30.180, 14.25.360, 39.35.760, 14.25.010, 14.25.320, 14.25.490, 39.35.115, 39.35.678, 39.35.710, 39.35.895, 39.35.003, 14.25.003, 37.10.210