Alaska SB27 modifies retirement plans for teachers and public employees.

The Alaska Senate Bill 27 amends the Public Employees' Retirement System and the teachers' retirement system. It allows teachers and public employees to choose between defined benefit and defined contribution retirement plans. Teachers hired after June 30, 2006, can make a one-time election to participate in the defined contribution plan. Public employees first hired after the same date can also make a one-time election to join the defined contribution plan. The bill sets conditions for these elections, including providing information about potential consequences.

Alaska SB27 modifies retirement plans for teachers and public employees.

The Alaska Senate Bill 27 amends the Public Employees' Retirement System and the teachers' retirement system. It allows teachers and public employees to choose between defined benefit and defined contribution retirement plans. Teachers hired after June 30, 2006, can make a one-time election to participate in the defined contribution plan. Public employees first hired after the same date can also make a one-time election to join the defined contribution plan. The bill sets conditions for these elections, including providing information about potential consequences.