This bill amends the Public Employees' Retirement System of Alaska 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 before July 1, 2006, and those hired after that date who are state troopers, can participate in the defined benefit plan under specific conditions. The bill also introduces a provision allowing state troopers or former state troopers hired after June 30, 2006, to make a one-time election to switch from the defined contribution plan to the defined benefit plan within 90 days of the bill's effective date.

Additionally, the bill outlines the eligibility criteria for retirement benefits based on the member's service duration and age, and it defines "state trooper" within the context of the law. It includes detailed procedures for the election process, including the requirement for written notice and the irrevocability of the election. The bill also stipulates how contributions will be transferred and credited to the defined benefit plan, 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