Session: State Capitol, Room 214 Juneau, AK 99801-1182 Toll Free: (800) 565-3742 Phone: (907) 465-3743 Fax: (907) 465-2381 Personal Web Site: www.repjames.org Interim: post office: PO Box 56622 North Pole, AK 99705 Phone: (907) 488-9339 Fax: (907) 488-4271 location: 3340 Badger Road Beaver Brook Mall, Suite 290 North Pole, AK 99705 Phone: (907) 488-1546

Sponsor Statement for HB 254
Tax-Qualified State Retirement Systems

An Act relating to disposal of certain property acquired by the agricultural revolving loan fund.

House Bill 254 is necessary to ensure tax qualification of the State of Alaska's employee retirement systems, including the Public Employees' Retirement System, the Teachers' Retirement System, and the Judicial Retirement System. This legislation is technical in nature, addressing Internal Revenue Code requirements necessary for continued plan qualification.

Enactment of this legislation will benefit public employees and teachers by allowing them to purchase service credit in their retirement plans with transfers of pre-tax savings in certain plans allowed by the Internal Revenue Code or payroll deductions. The provisions in this legislation allowing such purchases are allowed under new federal pension legislation, but incorporation in Alaska statute is necessary for Alaska public employees and teachers to take advantage of them.

I urge prompt action on this legislation.

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Attachments:

• Sectional Analysis
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