Alaska HB78 modifies retirement systems, allowing certain employees to choose between defined benefit and defined contribution plans.
Alaska HB78 amends the Public Employees' Retirement System and the teachers' retirement system. It allows employees who became members after June 30, 2006, and before July 1, 2025, to choose between the defined benefit and defined contribution plans. The bill specifies conditions for eligibility, contributions, and benefits, including medical coverage and cost-of-living adjustments. It also details the roles of the Alaska Retirement Management Board and the Department of Administration in managing these systems.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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