This bill amends various sections of the Alaska Public Employees' Retirement System to clarify the participation of certain peace officers, specifically state troopers, in defined benefit and defined contribution retirement plans. It establishes that members first hired after June 30, 2006, who are state troopers, can choose to participate in the defined benefit plan and transfer their contributions from the defined contribution plan. The bill outlines eligibility criteria for retirement benefits based on years of credited service and age, differentiating between members hired before and after the specified date.

Additionally, the bill introduces a procedure for state troopers hired after June 30, 2006, to make a one-time election to switch to the defined benefit retirement plan within 90 days of the bill's effective date. It mandates that the administrator provide written notice of eligibility and potential consequences of the election. The election is irrevocable and retroactively enrolls the member in the defined benefit plan from their date of hire. The bill also includes provisions for the transfer of contributions and service credit calculations, ensuring compliance with the Internal Revenue Code and other relevant regulations. The effective date of the bill is set for July 1, 2025.

Statutes affected:
HB0108A, AM HB 108, introduced 02/17/2025: 39.35.095, 39.35.680, 39.35.700, 39.35.990, 39.35.370, 39.35.450, 18.65.080, 39.35.720, 37.10.210