Alaska SB28 modifies retirement plan options for teachers and public employees, allowing certain members to switch from defined contribution to.

Alaska SB28 amends the Public Employees' Retirement System and the teachers' retirement system to provide options for certain members to switch from defined contribution to defined benefit plans. Specifically, the bill allows teachers and public employees who became members after June 30, 2006, and before July 1, 2025, to make a one-time election to participate in the defined benefit retirement plan. This election is irrevocable and members who choose this option will be subject to the defined benefit plan's provisions.

Alaska SB28 modifies retirement plan options for teachers and public employees, allowing certain members to switch from defined contribution to.

Alaska SB28 amends the Public Employees' Retirement System and the teachers' retirement system to provide options for certain members to switch from defined contribution to defined benefit plans. Specifically, the bill allows teachers and public employees who became members after June 30, 2006, and before July 1, 2025, to make a one-time election to participate in the defined benefit retirement plan. This election is irrevocable and members who choose this option will be subject to the defined benefit plan's provisions.