This bill amends the Public Employees' Retirement System of Alaska to clarify the participation of certain peace officers, specifically state troopers, in the 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, and it defines "state trooper" as a peace officer employed by the Department of Public Safety.

Additionally, the bill introduces a procedure for state troopers or former state troopers hired between June 30, 2006, and the effective date of the Act to make a one-time election to switch to the defined benefit plan. This election must be made in writing and is irrevocable, with specific provisions for informing members about the implications of their choice. The bill also details the process for transferring contributions and the calculation of service credits, ensuring compliance with the Internal Revenue Code and other relevant regulations. The Act is set to take effect on 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