The Seal of the State of Alaska
  Help    

   
Alaska State Legislature
    Home  |  News  |  Legislators  |  Committees  |  Bills  |  Surveys  |  Archives  |  AchievementsAlaska State Legislature
Alaska State Legislature
Alaska State Legislature
Alaska State Legislature
Alaska State Legislature

Advanced Search
Alaska State Legislature
· Health Care Directives Forms  
· PERS/TRS Unfunded Liability Background Information  
· New Oil Tax Revenue Comparison Chart
[PDF - 7pp - 24 KB]
 
· Contact Staff  
· Biography  
· Committee Memberships  
· State Affairs Com.  
· Press Releases  
· Audio Clips  
· Opinion-Editorial  
· Personal Legislation  
· Co-Sponsored Legislation  
· District Newsletters
& Info
 
· District Web Directory  
· 23rd Legislature  
Alaska State Legislature
Alaska State Legislature
24th Alaska State Legislature
The 24th Alaska State Legislature
Alaska State Representative Paul Seaton
Sponsor Statement

Click image for large 5'' x 7'' portrait
Session:
State Capitol, Room 102
Juneau, AK 99801-1182
Phone: (907) 465-2689
Fax: (907) 465-3472
Toll Free: (800) 665-2689
Send Email
Send Public Opinion Message
Subscribe to Newsletter - Privacy Policy

Interim:
345 W. Sterling Hwy. Suite 102B
Homer, AK 99603
Phone: (907) 235-2921
Fax: (907) 235-4008
Personal Website:
www.reppaulseaton.com


Public Employee and Teacher Retirement and SBS
Sponsor Statement for House Bill 475
Alaska State Legislature
Alaska State Legislature
Attachments Attachments

 
Released:
February 20, 2006
Updated:
February 19, 2012


"An Act relating to the supplemental employee benefit program; relating to teachers' and public employees' defined benefit retirement plans; relating to teachers' and public employees' defined contribution retirement plans; relating to the health reimbursement arrangement plan for certain teachers and public employees; clarifying eligibility for membership in the health reimbursement arrangement plan; relating to waiver of adjustments under the teachers' defined benefit retirement plan and the public employees' defined benefit retirement plan; relating to the administrator of the Public Employees' Retirement System of Alaska; relating to employer contributions for occupational disability and death benefits; repealing participation in the teachers' defined contribution and defined benefit retirement plans by certain employees of the National Education Association of Alaska; relating to requirements for employer minimum contributions to the teachers' and the public employees' defined benefit retirement systems; and relating to the public employees' defined benefit deferred compensation program. "


 

HB 475 is a clean up bill to the Retirement Security Act (SB 141) that passed in 2005. Due to the length of SB 141, a handful of errors and oversights were made that need to be changed for a smooth transition to Tier IV. HB 475 is a technical bill. It is not intended to include any policy changes.

Revisions encompassed in HB 475:

  1. Clarifies the procedure for an appeal to the Office of Administrative Hearings
  2. Requires employer to contribute at least the normal cost rate starting in 2008
  3. Changes the requirements to receive a conditional service benefit
  4. Clarifies provisions regarding PERS/TRS death and disability benefits, including how those benefits will be funded

    1. Funding death and disability benefits
    2. The structure of death and disability benefits
    3. Survivor benefit

  5. Clarifies the eligibility requirements for medical benefits
  6. Clarifies requirements for non-vested Tier II or Tier III employees who wish to transfer to Tier IV
  7. Clarifies the basis for calculating employer contribution rates
  8. Gives regulatory authority to the appropriate party
  9. Changes the basis for calculating HRA employer contributions to meet IRS tax qualifications
  10. Definitions
  11. Disallows employment with NEA as counting towards Tier IV retirement eligibility
  12. Establishes provisions for employer termination of participation in the plan
  13. Clarifies defined benefit and defined contribution components of the plan
  14. Establishes adherence to IRS limitations

The above listed changes are not absolutely necessary for Tier IV to come on line July 1, 2006. However, these revisions clarify many aspects of the statutes, providing a benefit both to the plan and members. If changes are not made, many crucial decisions will be left to the Administrator of the plan without proper guidance from the legislature.

# # #

 
Attachments:
 
·
Print Text Version
· Acrobat PDF Version [PDF - 1 page - 21 KB]
· Sectional Analysis [PDF - 163 KB]
· Abbreviated Sectional Analysis [PDF - 35 KB]
· Complete Bill Text for HB 475


Sign Up For E-News!

Unsubscribe  Privacy
Alaska State Legislature
· 25th Legislature Info
House Majority
House Minority
Senate Majority
Senate Minority
BASIS
 
· 24th Leg. Special Session Info  
· Oil & Gas Production Tax Information  
· Keyword Search  
· Legislator Districts  
· Photo Table  
· Passed Legislation  
· Past Legislatures  
· More Web Tools  
· Majority Press Staff  
· Information Offices  
Requires Real Audio Player = Adobe PDF Reader  
Requires Real Audio Player = Real Audio Player  
Requires Real Audio Player = MP3 Audio Player  
Alaska State Legislature
Alaska State Legislature
Alaska State Legislature

1 Viewer(s)

Total at this time.
Alaska State Legislature
Alaska State Legislature
Alaska State Legislature
· Health Care Directives Forms  
· PERS/TRS Unfunded Liability Background Information  
· New Oil Tax Revenue Comparison Chart
[PDF - 7pp - 24 KB]
 
· Contact Staff  
· Biography  
· Committee Memberships  
· State Affairs Com.  
· Press Releases  
· Audio Clips  
· Opinion-Editorial  
· Personal Legislation  
· Co-Sponsored Legislation  
· District Newsletters
& Info
 
· District Web Directory  
· 23rd Legislature  
Alaska State Legislature
Alaska State Legislature
Alaska State Legislature
Home  |  News  |  Legislators  |  Committees  |  Bills  |  Surveys  |  Archives  |  E-News  |  HelpAlaska State Legislature
Alaska State Legislature
The Official Web Site of the House and Senate Legislative Majorities
for the Alaska State Legislature

To Report Technical Problems or Contact Webmasterse-mail address list