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Rep. Kevin Meyer, Co-Chair Rep. Mike Chenault, Co-Chair

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Rep. Kevin Meyer
State Capitol, Room 515
Juneau, AK 99801-1182
Phone: (907) 465-4945
Fax: (907) 465-3476
      Click image for large 5'' x 7'' portrait

Rep. Mike Chenault
State Capitol, Room 505
Juneau, AK 99801-1182
Phone: (907) 465-3779
Fax: (907) 465-2833

Natural Gas Royalties To Fund PERS/TRS
Sponsor Statement for House Bill 492
Alaska State Legislature
Alaska State Legislature
Attachments Attachments

 
Released:
March 15, 2006
Updated:
February 19, 2012


"An Act relating to the transfer of the state's interest in certain gas to the Alaska Retirement Management Board for the purpose of satisfying the unfunded accrued actuarial liability of the state and employers of teachers in the state to state retirement systems; and providing for an effective date. "


"This bill transfers the state's gas interests in certain land identified by the Department of Natural Resources to the Alaska Retirement Management Board (created by SB 141) for the purpose of satisfying the State's nearly $6 billion unfunded liability."
- Rep. Meyer

 

The 24th Alaska State Legislature modified the State's Public Employee and Teacher Retirement system by passing SB 141 last year. However, the state is still faced with the unfunded liability embedded in the original PERS/TRS system.

This bill transfers the state's gas interests in certain land identified by the Department of Natural Resources to the Alaska Retirement Management Board (created by SB 141) for the purpose of satisfying the State's nearly $6 billion unfunded liability. Other useful tools are available such as cash payments and pension obligation bond financing, but we believe transferring these resources as an asset may be the best way to fulfill the State's obligation to it's public employees and reduce unsustainable employer costs and negative impacts on the state budgets over the coming decades.

This bill will help to:

  • Significantly lower the cost of state government.
  • Free up significant additional funding for K-12 and university classrooms.

By transferring the interest of potential gas resources as an asset to the Alaska Retirement Management Board, the state will ensure compliance with Article XII, sec.7, of the Constitution of the State of Alaska, which mandates that we address the unfunded liability. Satisfying the unfunded liability is in the best interest of the state, the University of Alaska and school districts.

# # #

 
Attachments:
 
·
Print Text Version
· Acrobat PDF Version [PDF - 1 page - 16 KB]
· A Balance Sheet Approach [PDF - 41 KB]
· Complete Bill Text for HB 492


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· Rep. Kevin Meyer
Co-Chair
Capital Budget
 
· Rep. Mike Chenault
Co-Chair
Operating Budget
 
· Rep. Bill Stoltze
Vice-Chair
 
· Rep. Mike Hawker
 
· Rep. Jim Holm
 
· Rep. Bruce Weyhrauch
 
· Rep. Richard Foster
 
· Rep. Mike Kelly
 
· Rep. Beth Kerttula
 
· Rep. Carl Moses
 
· Rep. Reggie Joule
 
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