reglab/statecodes huggingface dataset:
2023 Alaska Statutes › Title 39. Public Officers and Employees › Chapter 35. Public Employees' Retirement System of Alaska › Article 10. Employees First Hired on or after July 1, 2006. › Sec. 39.35.725. Participation of elected officials of political subdivisions.

(a) An elected official of a political subdivision of the state that participates in both the plan and the defined benefit plan of AS 39.35.095 - 39.35.680 is a member of the plan if
(1) the political subdivision covers elected officials under AS 39.35.600 - 39.35.650 and has designated elected officials under AS 39.35.957 as a classification of employees entitled to participate in the plan; and
(2) the elected official receives compensation from the political subdivision for services as an elected official in the amount of at least $2,001 a month.
(b) An elected official of a political subdivision of the state that participates in the plan but not the defined benefit plan of AS 39.35.095 - 39.35.680 is a member of the plan if
(1) the political subdivision has designated elected officials under AS 39.35.957 as a classification of employees entitled to participate in the plan; and
(2) the elected official receives compensation from the political subdivision for services as an elected official in the amount of at least $2,001 a month.
(c) An elected official entitled to participate under this section, and who either has no previous service under the system with the political subdivision or is retired under the system, may file a waiver of participation in the plan with the administrator within 30 days after the later of June 7, 2007 or the date that the elected official's term of office begins. A waiver is irrevocable for the remainder of the elected official's service as an elected official or employee of the political subdivision.
2023 Alaska Statutes › Title 39. Public Officers and Employees › Chapter 35. Public Employees' Retirement System of Alaska › Article 10. Employees First Hired on or after July 1, 2006. › Sec. 39.35.730. Contributions by members.

(a) Each member shall contribute to the member's individual account an amount equal to eight percent of the member's compensation from July 1 to the following June 30.
(b) [Repealed, § 116(a) ch 20 SLA 2007.]
(c) The employer shall deduct the contribution from the member's compensation at the end of each payroll period, and the contribution shall be credited by the plan to the member's individual account. The contributions shall be deducted from the member's compensation before the computation of applicable federal taxes and shall be treated as employer contributions under 26 U.S.C. 414(h)(2). A member may not have the option of making the payroll deduction directly in cash instead of having the contribution picked up by the employer.
2023 Alaska Statutes › Title 39. Public Officers and Employees › Chapter 35. Public Employees' Retirement System of Alaska › Article 10. Employees First Hired on or after July 1, 2006. › Sec. 39.35.740. Employment contributions mandatory.

Contributions of employees shall be made by payroll deductions. Every included employee shall be considered to consent to payroll deductions. It is of no consequence that a payroll deduction may cause the compensation paid in cash to an employee to be reduced below the minimum required by law. Payment of an employee's compensation, less payroll deductions, is a full and complete discharge and satisfaction of all claims and demands by the employee relating to remuneration of services during the period covered by the payment, except with respect to the benefits provided under the plan.
2023 Alaska Statutes › Title 39. Public Officers and Employees › Chapter 35. Public Employees' Retirement System of Alaska › Article 10. Employees First Hired on or after July 1, 2006. › Sec. 39.35.750. Contributions by employers.

(a) An employer shall contribute to each member's individual account an amount equal to five percent of the member's compensation from July 1 to the following June 30.
(b) An employer shall also contribute an amount equal to a percentage, as adopted by the board, of each member's compensation from July 1 to the following June 30 to pay for retiree major medical insurance. This contribution shall be paid into the Alaska retiree health care trust established by the commissioner of administration under AS 39.30.097(b) and shall be accounted for in accordance with regulations established by the commissioner.
(c) Notwithstanding (b) of this section, the employer contribution for retiree major medical insurance for fiscal year 2007 shall be 1.75 percent of each member's compensation from July 1 to the following June 30.
(d) An employer shall also make contributions to the health reimbursement arrangement plan under AS 39.30.370.
(e) An employer shall make annual contributions to a trust account in the plan, applied as a percentage of each member's compensation from July 1 to the following June 30, in an amount determined by the board to be actuarially required to fully fund the cost of providing occupational disability and occupational death benefits under AS 39.35.700 - 39.35.990 and retirement benefits elected by disabled peace officers and firefighters under AS 39.35.890(h)(2). The contribution required under this subsection for peace officers and firefighters and the contribution required under this subsection for other employees shall be separately calculated based on the actuarially calculated costs for each group of employees.
2023 Alaska Statutes › Title 39. Public Officers and Employees › Chapter 35. Public Employees' Retirement System of Alaska › Article 10. Employees First Hired on or after July 1, 2006. › Sec. 39.35.760. Rollover contributions and distributions.

(a) An employee entering the plan may elect, at the time and in the manner prescribed by the administrator, to have all or part of a direct rollover distribution from an eligible retirement plan owned by the member paid directly into the member's individual account.
(b) Rollover contributions do not count as a purchase of membership service for the purpose of determining years of service.
(c) A distributee may elect, at the time and in the manner prescribed by the administrator, to have all or part of an eligible rollover distribution paid directly to an eligible retirement plan specified by the distributee in the direct rollover.
(d) In this section,
(1) “direct rollover” means the payment of an eligible rollover distribution by the plan to an eligible retirement plan specified by a distributee who is eligible to elect a direct rollover;
(2) “distributee” means a member, or a beneficiary who is the surviving spouse of the member, or an alternate payee;
(3) “eligible retirement plan” means
(A) an individual retirement account described in 26 U.S.C. 408(d)(3)(A);
(B) an annuity plan described in 26 U.S.C. 403(a);
(C) a qualified trust described in 26 U.S.C. 401(a);
(D) an annuity plan described in 26 U.S.C. 403(b);
(E) a governmental plan described in 26 U.S.C. 457(b);
(F) an individual retirement annuity defined in 26 U.S.C. 408(b); or
(G) on or after January 1, 2008, a Roth IRA described in 26 U.S.C. 408A;
(4) “eligible rollover distribution” means a distribution of all or part of a total account to a distributee, except for
(A) a distribution that is one of a series of substantially equal installments payable not less frequently than annually over the life expectancy of the distributee or the joint and last survivor life expectancy of the distributee and the distributee's designated beneficiary, as defined in 26 U.S.C. 401(a)(9);
(B) a distribution that is one of a series of substantially equal installments payable not less frequently than annually over a specified period of 10 years or more;
(C) a distribution that is required under 26 U.S.C. 401(a)(9);
(D) the portion of any distribution that is not includable in gross income; however, a portion under this subparagraph may be transferred only to an individual retirement account or annuity described in 26 U.S.C. 408(a) or (b), to a qualified plan described in 26 U.S.C. 401(a) or 403(a), or to an annuity contract described in 26 U.S.C. 403(b), that agrees to separately account for amounts transferred, including separately accounting for the portion of the distribution that is includable in gross income and the portion of the distribution that is not includable in gross income; and
(E) other distributions that are reasonably expected to total less than $200 during a year.
2023 Alaska Statutes › Title 39. Public Officers and Employees › Chapter 35. Public Employees' Retirement System of Alaska › Article 10. Employees First Hired on or after July 1, 2006. › Sec. 39.35.770. Transmittal of contributions; claims against funds of an employer.

(a) All contributions deducted in accordance with AS 39.35.700 - 39.35.990 shall be transmitted to the plan for deposit in the appropriate account or trusts as soon as administratively feasible, but in no event later than 15 days following the close of the payroll period.
(b) If contributions are not transmitted within the prescribed time limit, interest shall be assessed on the outstanding contributions at the rate established under AS 39.35.610 from the date that contributions were originally due. Amounts due from an employer and interest as prescribed in this subsection may be claimed by the administrator from any agency of the state or political subdivision that has in its possession funds of the employer or that is authorized to disburse funds to the employer that are not restricted by statute or appropriation to a specific purpose. The amount claimed shall be certified by the administrator as sufficient to pay the contributions and interest due from the employer. The amount claimed shall be submitted to the administrator for deposit in the appropriate account or trusts.
(c) Employers are responsible for administrative fees, investment fees, and investment losses charged to accounts established under AS 39.35.730 resulting from contribution adjustments due to employers enrolling members in the plan before the members are eligible for membership. Contributions made by employees shall be returned to the employer by reducing future employee contributions due. Contributions, net of fees and investment losses, made by employers shall be used to reduce future employer contributions due.
2023 Alaska Statutes › Title 39. Public Officers and Employees › Chapter 35. Public Employees' Retirement System of Alaska › Article 10. Employees First Hired on or after July 1, 2006. › Sec. 39.35.780. Limitations on contributions and benefits.

Notwithstanding any other provisions of this plan, the annual additions to each member's individual account under this plan and under all defined contribution plans of the employer required to be aggregated with the contributions from this plan under the provisions of 26 U.S.C. 415 may not exceed, for any limitation year, the amount permitted under 26 U.S.C. 415(c) at any time. If the amount of a member's individual account contributions exceeds the limitation of 26 U.S.C. 415(c) for any limitation year, the administrator shall take any necessary remedial action to correct an excess contribution. A fixed benefit provided under this plan may not exceed, for or during a limitation year, the amount permitted under 26 U.S.C. 415(b). If a fixed benefit provided under this plan exceeds, for or during a limitation year, the amount permitted under 26 U.S.C. 415(b), the administrator shall take remedial action necessary to comply with the limits on the benefit amount in 26 U.S.C. 415(b). The provisions of 26 U.S.C. 415, and the regulations adopted under that statute, as applied to qualified plans of governmental employees are incorporated as part of the terms and conditions of the plan.
2023 Alaska Statutes › Title 39. Public Officers and Employees › Chapter 35. Public Employees' Retirement System of Alaska › Article 10. Employees First Hired on or after July 1, 2006. › Sec. 39.35.790. Vesting.

(a) A participating member is immediately and fully vested in that member's contributions and related earnings.
(b) A member shall be fully vested in the employer contributions made on that member's behalf, and related earnings, after five years of service. A member is partially vested in the employer contributions made on that member's behalf, and the related earnings, in the ratio of
(1) 25 percent with two years of service;
(2) 50 percent with three years of service; and
(3) 75 percent with four years of service.
2023 Alaska Statutes › Title 39. Public Officers and Employees › Chapter 35. Public Employees' Retirement System of Alaska › Article 10. Employees First Hired on or after July 1, 2006. › Sec. 39.35.800. Investment of individual accounts.

(a) The board shall provide a range of investment options and permit a participant to exercise investment control over the participant's assets in the member's individual account as provided in this section. If a participant exercises control over the assets in the individual account, the participant is not considered a fiduciary for any reason on the basis of exercising that control.
(b) A participant may direct investment of plan funds held in an account among available investment funds in accordance with rules established by the board.
(c) A participant may elect to change or transfer all or a portion of the participant's existing account balance among available investment funds not more often than once each day in accordance with the rules established by the administrator. Only the last election received by the administrator before the transmittal of contributions to the trust fund for allocation to the individual account shall be used to direct the investment of the contributions received.
(d) Except to the extent clearly set out in the terms of the investment plans offered by the employer to the employee, the employer is not liable to the participant for investment losses if the prudent investment standard has been met.
(e) The employer, administrator, state, board, or a person or entity who is otherwise a fiduciary is not liable by reason for any participant's investment loss that results from the participant's directing the investment of plan assets allocated to the participant's account.
(f) To the extent that a member's individual account has been divided as provided in a qualified domestic relations order between participants, each participant shall be treated as the holder of a separate individual account for purposes of investment yields, decisions, transfers, and time limitations imposed by this section.
2023 Alaska Statutes › Title 39. Public Officers and Employees › Chapter 35. Public Employees' Retirement System of Alaska › Article 10. Employees First Hired on or after July 1, 2006. › Sec. 39.35.810. Distribution election at termination.

(a) A member is eligible to elect distribution of the member's account in accordance with this section 60 days after termination of employment.
(b) Notwithstanding (a) of this section, distribution of all or a portion of the individual account of a member may take place before the 60th day after the termination of employment with the approval of the administrator if the member makes a written request for a distribution under this subsection. The member's spouse must consent to the request in writing if the member is married. Distribution of an individual account may only be made on account of an immediate and heavy financial need of the member for the following reasons and in the amount the need is demonstrated for
(1) medical care described in 26 U.S.C. 213(d) incurred by the member, the member's spouse, or the member's dependent, or necessary to obtain that medical care;
(2) the purchase of a principal residence for the member;
(3) postsecondary education tuition and related educational fees for the next 12-month period for the member, the member's spouse, or a dependent of the member; in this paragraph, “dependent” has the meaning given in 26 U.S.C. 152;
(4) prevention of the eviction of the member from the member's principal residence or foreclosure on the mortgage of the member's principal residence; or
(5) any need prescribed by the United States Department of the Treasury, Internal Revenue Service, in a revenue ruling, notice, or other document of general applicability that satisfies the safe harbor definition of hardship under regulations adopted under 26 U.S.C. 401(k).
(c) If a member dies before benefits commence, the member's beneficiary is immediately eligible to elect distribution of the member's share of the member's individual account.
(d) Distributions are payable to an alternate payee in accordance with the terms and conditions of a qualified domestic relations order that is received and approved by the administrator as specified in AS 39.35.860.
(e) Distributions that are being paid to a member may not be affected by the member's subsequent reemployment with the employer. Upon reemployment, a new individual account shall be established for the member to which any future contributions shall be allocated. Upon subsequent termination of employment, the member's new individual account shall be distributed in accordance with this section.
2023 Alaska Statutes › Title 39. Public Officers and Employees › Chapter 35. Public Employees' Retirement System of Alaska › Article 10. Employees First Hired on or after July 1, 2006. › Sec. 39.35.820. Forms of distribution.

(a) A participant may elect to receive the participant's share of the individual account in a
(1) lump sum payment, which is a single payment of the entire balance in the account;
(2) periodic lump sum payment, which is a payment of a portion of the balance in the account, not more than twice each year;
(3) period certain annuity payment, which is an annuity payable in a fixed number of monthly installments for a duration of 60, 120, or 180 months;
(4) life annuity with a period certain payment, which is an annuity payable until the later of the first day of the month in which the annuitant's death occurs, or the date on which the payment of a fixed number of monthly installments is completed; the period certain for installments is 120 or 180 months;
(5) single life annuity payment, which is an annuity payable monthly until the first of the month in which the annuitant's death occurs;
(6) joint and survivor annuity payment, which is an annuity payable monthly to the member until the first of the month in which the member's death occurs; after the member's death, a survivor annuity equal to 50 percent or 100 percent of the member's benefit, as previously elected by the member, shall be paid monthly to the joint annuitant for the remainder of the survivor's lifetime; or
(7) payment as authorized by a regulation adopted by the commissioner of administration.
(b) Upon the death of an annuitant whose payments have commenced, an annuitant's beneficiary shall receive further payments only to the extent provided in accordance with the form of payment that was being made to the annuitant. The remaining portion of the interest shall continue to be distributed at least as rapidly as under the method of distribution being used before the annuitant's death.
(c) If a participant dies before the distribution commencement date, distribution of the participant's entire interest to a beneficiary shall be payable in any form other than a joint and survivor annuity.
(d) If an unmarried member or other participant fails to elect a form of payment before the distribution commencement date, the account shall be paid to a beneficiary in the form of a lump sum to the extent required by the minimum distribution requirements set out in the Internal Revenue Code. If a married member fails to elect a form of payment before the distribution commencement date, the account shall be paid in the form of a 50 percent joint and survivor annuity, with the member's spouse as the joint annuitant.
2023 Alaska Statutes › Title 39. Public Officers and Employees › Chapter 35. Public Employees' Retirement System of Alaska › Article 10. Employees First Hired on or after July 1, 2006. › Sec. 39.35.830. Manner of electing distributions.

(a) Any election or any alteration or revocation of a prior election by a participant for any purpose under this plan shall be on forms or made in a manner prescribed for that purpose by the plan administrator. To be effective, the forms required or the required action for any purpose under this plan must be completed and received in accordance with regulations adopted by the commissioner of administration.
(b) At any time, but not less than seven days before the benefit commencement date, a member, alternate payee, or beneficiary may change
(1) the form of payment election;
(2) an election to commence benefits; or
(3) the joint annuitant designation.
(c) Changes in elections are not allowed on or after seven days before the benefit commencement date.
2023 Alaska Statutes › Title 39. Public Officers and Employees › Chapter 35. Public Employees' Retirement System of Alaska › Article 10. Employees First Hired on or after July 1, 2006. › Sec. 39.35.860. Rights under qualified domestic relations order.

(a) Notwithstanding the nonalienation provisions in AS 39.35.900(a), the plan administrator may direct that benefits be paid to someone other than a member or beneficiary under a valid qualified domestic relations order that is executed by the judge of a competent court in accordance with applicable state law and that has been accepted by the administrator.
(b) The administrator shall determine whether an order meets the requirements of this section within a reasonable period after receiving an order. The administrator shall notify the member and any alternate payee that an order has been received and indicate to the member and any alternate payee when the order is accepted. A separate account for the alternate payee portion shall be established as soon as administratively feasible after the order has been accepted by the administrator.
2023 Alaska Statutes › Title 39. Public Officers and Employees › Chapter 35. Public Employees' Retirement System of Alaska › Article 10. Employees First Hired on or after July 1, 2006. › Sec. 39.35.870. Eligibility for retirement and medical benefits.

(a) In order to obtain medical benefits under AS 39.35.880, an active member must retire directly from the plan. A member is eligible to retire from the plan if the member has been an active member for at least 12 months before application for retirement and
(1) the member has at least 25 years of membership service as a peace officer or firefighter or at least 30 years of membership service for all other employees; or
(2) the member reaches the normal retirement age and has at least 10 years of membership service.
(b) The normal retirement age is the age set for Medicare eligibility at the time the member retires.
(c) A member's surviving spouse is eligible to elect medical benefits under AS 39.35.880 if the member had retired, or was eligible for retirement and medical benefits at the time of the member's death.
(d) Members shall apply for retirement and medical benefits on the forms and in the manner prescribed by the administrator.
(e) Participation in the retiree major medical insurance plan is not required in order to participate in the health reimbursement arrangement.
(f) A person eligible for retirement and medical benefits is not required to participate in the health reimbursement arrangement in order to participate in the retiree major medical insurance plan.
(g) An eligible person must make the irrevocable election to participate or not participate in the retiree major medical insurance plan by reaching 70 1/2 years of age, or upon application for retirement and medical benefits, whichever is later.
2023 Alaska Statutes › Title 39. Public Officers and Employees › Chapter 35. Public Employees' Retirement System of Alaska › Article 10. Employees First Hired on or after July 1, 2006. › Sec. 39.35.891. Disability benefit and disabled peace officer or firefighter retirement benefit adjustment.

(a) Once each year, the administrator shall increase disability benefits and retirement benefits elected by disabled peace officers or firefighters under AS 39.35.890(h)(2). The amount of the increase is a percentage of the current disability benefit or retirement benefit equal to the lesser of 75 percent of the increase in the cost of living in the preceding calendar year or nine percent.
(b) If a disabled member was not receiving a benefit during the entire preceding calendar year, the increase in the benefit under this section shall be adjusted by multiplying it by a fraction, the numerator of which is the number of months for which the benefit was received in the preceding calendar year and the denominator of which is 12.
(c) If a disabled peace officer or firefighter elects to receive a retirement benefit in the amount calculated under AS 39.35.890(h)(2), the administrator shall, at the time the disabled peace officer or firefighter is appointed to retirement, increase the retirement benefit by a percentage equal to the total cumulative percentage that has been applied to the disabled peace officer's or firefighter's disability benefit under this section.
(d) An increase in benefit payments under this section is effective July 1 of each year and is based on the percentage increase in the Consumer Price Index for urban wage earners and clerical workers for Anchorage, Alaska, during the previous calendar year, as determined by the United States Department of Labor, Bureau of Labor Statistics.
(e) Benefit adjustments under this section shall terminate the last day of the month following the date on which a disabled member is no longer receiving a disability benefit under AS 39.35.890, unless the member is a disabled peace officer or firefighter and has chosen a retirement benefit under AS 39.35.890(h)(2).
2023 Alaska Statutes › Title 39. Public Officers and Employees › Chapter 35. Public Employees' Retirement System of Alaska › Article 10. Employees First Hired on or after July 1, 2006. › Sec. 39.35.893. Survivor's pension adjustment.

(a) Once each year, the administrator shall increase payments to a person 60 years of age or older receiving a survivor's pension under AS 39.35.890(k) or 39.35.892(c) and to a person who has received a survivor's pension under AS 39.35.890(k) or 39.35.892(c) for at least five years, who is not otherwise eligible for an increase under this section.
(b) The amount of the increase is a percentage of the current survivor's pension equal to the lesser of 50 percent of the increase in the cost of living in the preceding calendar year or six percent.
(c) If a survivor was not receiving a pension during the entire preceding calendar year, the increase in the survivor's pension under this section shall be adjusted by multiplying it by a fraction, the numerator of which is the number of months for which the pension was received in the preceding calendar year and the denominator of which is 12.
(d) The administrator shall increase the initial survivor's pension paid to a survivor of a member who died while receiving disability benefits by a percentage equal to the total cumulative percentage that has been applied to the member's disability benefit under AS 39.35.891.
(e) An increase in benefit payments under this section is effective July 1 of each year and is based on the percentage increase in the Consumer Price Index for urban wage earners and clerical workers for Anchorage, Alaska, during the previous calendar year, as determined by the United States Department of Labor, Bureau of Labor Statistics.
(f) Pension adjustments under this section shall terminate the last day of the month following the date on which a survivor is no longer receiving a survivor's pension under AS 39.35.890(k) or 39.35.892(c).
2023 Alaska Statutes › Title 39. Public Officers and Employees › Chapter 35. Public Employees' Retirement System of Alaska › Article 10. Employees First Hired on or after July 1, 2006. › Sec. 39.35.894. Premiums for retiree major medical insurance coverage upon termination of disability benefits or survivor's pension.

The premium for retiree major medical insurance coverage payable by an employee whose disability benefit is terminated under AS 39.35.890(g) or by an eligible survivor whose survivor pension is terminated under AS 39.35.890(k) or 39.35.892(e) when the employee would have been eligible for normal retirement if the employee had survived shall be determined under AS 39.35.880(g)(2) as if the employee or survivor were eligible for Medicare.
2023 Alaska Statutes › Title 39. Public Officers and Employees › Chapter 35. Public Employees' Retirement System of Alaska › Article 10. Employees First Hired on or after July 1, 2006. › Sec. 39.35.895. Amendment and termination of plan.

(a) The state has the right to amend the plan at any time and from time to time, in whole or in part, including the right to make retroactive amendments referred to in 26 U.S.C. 401(b).
(b) The plan administrator may not modify or amend the plan retroactively in such a manner as to reduce the benefits of any member accrued to date under the plan by reason of contributions made before the modification or amendment except to the extent that the reduction is permitted by the Internal Revenue Code.
(c) The state may, in its discretion, terminate the plan in whole or part at any time without liability for the termination. If the plan is terminated, all investments remain in force until all individual accounts have been completely distributed under the plan, and, after all plan liabilities are satisfied, excess assets revert to the employer.
(d) Any contribution made by an employer to the plan because of a mistake of fact must be returned to the employer by the administrator within one year after the contribution or discovery, whichever is later.
2023 Alaska Statutes › Title 39. Public Officers and Employees › Chapter 35. Public Employees' Retirement System of Alaska › Article 10. Employees First Hired on or after July 1, 2006. › Sec. 39.35.900. Exclusive benefit.

(a) The corpus or income of the assets held in trust as required by the plan may not be diverted or used for other than the exclusive benefit of the participants.
(b) If plan benefits are provided through the distribution of annuity or insurance contracts, any refunds or credits in excess of plan benefits due to dividends, earnings, or other experience rating credits, or surrender or cancellation credits, shall be paid to the trust fund.
(c) The assets of the plan may not be used to pay premiums or contributions of the employer under another plan maintained by the employer.
(d) The administrator shall use forfeitures in the fixed benefit account of the plan that arise for any reason, including from termination of employment or death, to reduce employer contributions. Forfeitures may not be applied to increase the benefits of any member.
(e) The administrator shall determine the amount of any fixed benefit that is determined on the basis of actuarial tables using assumptions approved by the commissioner. The amount of benefits is not subject to employer discretion.
2023 Alaska Statutes › Title 39. Public Officers and Employees › Chapter 35. Public Employees' Retirement System of Alaska › Article 10. Employees First Hired on or after July 1, 2006. › Sec. 39.35.910. Nonguarantee of returns, rates, or benefit amounts.

The plan created by AS 39.35.700 - 39.35.990 is, with respect to individual accounts, treated as a defined contribution plan, and not a defined benefit plan. The amount of money in the individual account of a participant depends on the amount of contributions and the rate of return from investments of the account that varies over time. If benefits are paid in the form of an annuity, the benefit amount payable is dependent on the amount of money in the account and the interest rates applied and service fees charged by the annuity payor at the time the annuity is purchased from the carrier and benefits are first paid. Nothing in this plan guarantees a participant
(1) a rate of return or interest rate other than that actually earned by the account of the participant, less applicable administrative expenses; or
(2) an annuity based on interest rates or service charges other than interest rates available from and service charges by the annuity payor in effect at the time the annuity is paid.
2023 Alaska Statutes › Title 39. Public Officers and Employees › Chapter 35. Public Employees' Retirement System of Alaska › Article 10. Employees First Hired on or after July 1, 2006. › Sec. 39.35.920. Nonguarantee of employment.

The provisions of AS 39.35.700 - 39.35.990 are not a contract of employment between an employer and an employee, nor do they confer a right of an employee to be continued in the employment of an employer, nor are they a limitation of the right of an employer to discharge an employee with or without cause.
2023 Alaska Statutes › Title 39. Public Officers and Employees › Chapter 35. Public Employees' Retirement System of Alaska › Article 10. Employees First Hired on or after July 1, 2006. › Sec. 39.35.930. Fraud.

(a) A person who knowingly makes a false statement or falsifies or permits to be falsified a record of this plan in an attempt to defraud the plan is guilty of a class A misdemeanor.
(b) In this section, “knowingly” has the meaning given in AS 11.81.900(a).
2023 Alaska Statutes › Title 39. Public Officers and Employees › Chapter 35. Public Employees' Retirement System of Alaska › Article 10. Employees First Hired on or after July 1, 2006. › Sec. 39.35.932. Pension forfeiture.

The provisions of AS 37.10.310 apply to pension benefits under AS 39.35.700 - 39.35.990.
2023 Alaska Statutes › Title 39. Public Officers and Employees › Chapter 35. Public Employees' Retirement System of Alaska › Article 10. Employees First Hired on or after July 1, 2006. › Sec. 39.35.950. Request by political subdivision to participate and adoption of resolution.

A municipality or other political subdivision of the state may request to become an employer in this plan. The request shall be made after adoption of a resolution by the legislative body of the political subdivision and after approval of the resolution by the person required by law to approve the resolution. A certified copy of the resolution shall be filed with the administrator. If the administrator approves the request for participation, the political subdivision is an employer of the plan.
2023 Alaska Statutes › Title 39. Public Officers and Employees › Chapter 35. Public Employees' Retirement System of Alaska › Article 10. Employees First Hired on or after July 1, 2006. › Sec. 39.35.955. Request by public organization to participate and adoption of resolution.

A public organization may request to become an employer in this plan. The request shall be made after adoption of a resolution by the governing body of the public organization. A certified copy of the resolution shall be filed with the administrator. If the administrator approves the request for participation, the public organization is an employer of the plan.
2023 Alaska Statutes › Title 39. Public Officers and Employees › Chapter 35. Public Employees' Retirement System of Alaska › Article 10. Employees First Hired on or after July 1, 2006. › Sec. 39.35.956. Contractors and employees of contractors excluded from plan.

(a) A person or legal entity providing services to the state or to a political subdivision or public organization on a contractual or fee basis may not participate as an employer in the plan based on those services.
(b) A person may not participate in the plan as an employee or member as the result of performing work for a person providing services under (a) of this section.
2023 Alaska Statutes › Title 39. Public Officers and Employees › Chapter 35. Public Employees' Retirement System of Alaska › Article 10. Employees First Hired on or after July 1, 2006. › Sec. 39.35.957. Designation of eligible employees, agreement to contribute, and amendment of participation.

(a) A political subdivision or public organization participating in the defined contribution retirement plan under AS 39.35.700 - 39.35.990 shall designate the departments, groups, or other classifications of employees eligible to participate in the plan and, by participating, shall legally be presumed to have agreed to make contributions each year in the amounts required for members of the plan under AS 39.35.750.
(b) If the employer does not participate in the defined benefit retirement plan under AS 39.35.095 - 39.35.680, an employee who is eligible under (a) of this section and who is a member of the defined benefit retirement plan under AS 39.35.095 - 39.35.680 does not accrue credited service or make contributions under that defined benefit retirement plan, but shall be a member of the defined contribution retirement plan under AS 39.35.700 - 39.35.990 and make contributions under that plan.
(c) An employer may request to amend its participation in the plan to add or exclude departments, groups, or other classifications of employees by filing a resolution as provided by AS 39.35.950 or 39.35.955 with the administrator.
2023 Alaska Statutes › Title 39. Public Officers and Employees › Chapter 35. Public Employees' Retirement System of Alaska › Article 10. Employees First Hired on or after July 1, 2006. › Sec. 39.35.960. Membership in teachers' and public employees' retirement systems.

A person who is employed at least half-time in the public employees' defined contribution retirement plan (AS 39.35.700 - 39.35.990) during the same period that the person is employed at least half-time in a position in the teachers' defined contribution retirement plan (AS 14.25.310 - 14.25.590) shall receive credited service under each plan for half-time employment. However, the amount of credited service a person receives under the public employees' defined contribution retirement plan during a school year may not exceed the amount necessary, when added to the amount of credited service earned during the school year under the teachers' defined contribution retirement plan, to equal one year of credited service.
2023 Alaska Statutes › Title 39. Public Officers and Employees › Chapter 35. Public Employees' Retirement System of Alaska › Article 10. Employees First Hired on or after July 1, 2006. › Sec. 39.35.965. Army and air national guard employees.

A regular full-time civilian employee of the Alaska Army National Guard and Air National Guard whose entire salary is paid from allotted federal funds is included in the public employees' defined contribution retirement plan (AS 39.35.700 - 39.35.990) if the federal or state government pays the employer's contributions. If the amount that the federal government may legally contribute to the plan is lower than the required employer's contribution, the state government shall contribute the difference. If the employer's contributions are not paid when due, service credit for the period of delinquency may not be granted until the contributions are paid.
2023 Alaska Statutes › Title 39. Public Officers and Employees › Chapter 35. Public Employees' Retirement System of Alaska › Article 10. Employees First Hired on or after July 1, 2006. › Sec. 39.35.970. North Pacific Fishery Management Council employees.

An employee of the North Pacific Fishery Management Council appointed under 16 U.S.C. 1852(f)(1)(Sec. 302(f)(1) of P.L. 94-265) whose compensation is paid from allotted federal funds is included in the public employees' defined contribution retirement plan (AS 39.35.700 - 39.35.990) if the council pays the employer's contributions. If the employer's contributions are not paid when due, credited service for the period of delinquency may not be granted until the contributions are paid.
2023 Alaska Statutes › Title 39. Public Officers and Employees › Chapter 35. Public Employees' Retirement System of Alaska › Article 10. Employees First Hired on or after July 1, 2006. › Sec. 39.35.972. Special rules for treatment of qualified military service.

(a) Notwithstanding any contrary provisions of AS 39.35.700 - 39.35.990, with respect to qualified military service, contributions shall be made and benefits and service credit shall be provided in accordance with 26 U.S.C. 414(u).
(b) To the extent required by 26 U.S.C. 401(a)(37), if a member dies while performing qualified military service, as defined in 38 U.S.C. 43, the survivors of the member are entitled to any additional benefits that would have been provided to the survivors under the plan had the member resumed employment and then terminated employment on account of death. For purposes of this subsection, periods of qualified military service are not included in calculations of credited service.
(c) Consistent with and to the extent required by 26 U.S.C. 414(u)(12), a member receiving differential wage payments from an employer shall be treated as employed by that employer, and the differential wage payment shall be treated as compensation for purposes of applying the limits on annual additions under 26 U.S.C. 415(c). For purposes of this subsection, “differential wage payment” means any payment that
(1) is made by an employer to an individual with respect to any period during which the individual is performing service in the uniformed services, as defined in 38 U.S.C. 43, while on active duty for a period of more than 30 days; and
(2) represents all or a portion of the wages the individual would have received from the employer if the individual were performing service for the employer.
2023 Alaska Statutes › Title 39. Public Officers and Employees › Chapter 40. United States Savings Bonds Purchase Plan › Sec. 39.40.020. Administration.

(a) The wage deductions withheld under AS 39.40.010 shall be held in trust until a United States savings bond is purchased by the Department of Administration. After the purchase of the bond, it shall be turned over to the employee.
(b) The Department of Administration shall adopt regulations to carry out this chapter.
2023 Alaska Statutes › Title 39. Public Officers and Employees › Chapter 45. Public Employees' Deferred Compensation Program › Sec. 39.45.020. Administration of program.

(a) The administration of the deferred compensation program for state employees is under the direction of the Department of Administration. A political subdivision coming under the provisions of this chapter shall designate the office or official to administer its program.
(b) Payroll deductions are authorized by this chapter and shall be made by the appropriate payroll officer.
(c) The administrator of a deferred compensation program may contract with a private person for providing consolidated billing and other administrative services. The administrator may contract with an insurance carrier to reimburse the state or political subdivision of the state for the cost of administering the deferred compensation program.
(d) The administrator of a deferred compensation program under this chapter has the powers and duties with regard to the program as set out in AS 14.25.003 and 14.25.004, as though those provisions applied to the program.
2023 Alaska Statutes › Title 39. Public Officers and Employees › Chapter 45. Public Employees' Deferred Compensation Program › Sec. 39.45.030. Investment authority.

(a) The Alaska Retirement Management Board is authorized, subject to contracts with individual employees, to invest the funds held under a deferred compensation program. The board has the same powers and duties concerning the management and investment in regard to those funds as are provided under AS 37.10.220.
(b) [Repealed, § 24 ch 31 SLA 1992.]
(c) The board may provide a range of investment options and permit a participant or beneficiary of the program to exercise control over the assets in the individual's account. If the board offers investment options, and if a participant or beneficiary exercises control over the assets in the individual's account,
(1) the participant or beneficiary is not considered a fiduciary for any reason on the basis of exercising that control; and
(2) a person who is otherwise a fiduciary is not liable under this section for any loss, or by reason of any breach, that results from the individual's exercise of control.
(d) If the board is considering entering into a contract or modifying an existing contract concerning the management or investment of funds of the deferred compensation program, the board shall consult with the commissioner of administration before making a decision on the issue.
(e) The board shall develop a contingency plan that addresses the board's response to possible future investment problems.
(f) Except to the extent clearly set out in the terms of the plan document offered by the employer to the employee, the employer is not liable to the employee for investment losses if the prudent investment standard has been met.
(g) In this section, “board” means the Alaska Retirement Management Board.
2023 Alaska Statutes › Title 39. Public Officers and Employees › Chapter 45. Public Employees' Deferred Compensation Program › Sec. 39.45.050. Tax deferred investments.

(a) The administrator of a deferred compensation program under this chapter shall invest in contracts that
(1) allow for deferment of state and federal income tax until benefits are received under the program; and
(2) do not provide for deferral of state and federal income tax until the benefits are received under the program.
(b) A participating employer may designate that employee contributions consist of deferred tax contributions, Roth contributions, or both. In the absence of an affirmative election to make Roth contributions, an employee's contribution shall be considered to consist entirely of deferred tax contributions.
(c) Contributions made on behalf of a participating employee for any calendar year, whether deferred tax contributions or Roth contributions, shall not exceed the dollar limitation set out in 26 U.S.C. 402(g) (Internal Revenue Code) in effect for the calendar year, subject to the provisions of 26 U.S.C. 414(v) (Internal Revenue Code). Contribution amounts in excess of the applicable dollar limits shall be distributed to the participant not later than April 15 after the close of the plan year to which the excess contribution relates. To the extent that a participating employee's contributions are reduced or returned to comply with the limitations of the plan, and the participant has allocated the contributions between deferred tax contributions and Roth contributions, the amount of the reduction or return shall be taken first from deferred tax contributions, to the extent of the contributions for the plan year, and, only after the reduction or return of all the deferred tax contributions, from Roth contributions for the plan year.
(d) Deferred tax contributions made on behalf of a participating employee for a plan year shall be allocated to the deferred tax contribution account of the participating employee, as determined by the administrator.
(e) Roth contributions made on behalf of a participating employee for a plan year shall be allocated to the Roth contribution account of the participating employee, as determined by the administrator.
(f) The administrator may establish additional rules and procedures governing the manner and timing of elections by participating employees to make or change the deferred tax contribution or Roth contribution election, as needed for compliance with federal and state law and as needed for efficiency and effectiveness of plan administration.
2023 Alaska Statutes › Title 39. Public Officers and Employees › Chapter 45. Public Employees' Deferred Compensation Program › Sec. 39.45.060. Definitions.

In this chapter,
(1) “board” means the trustees of the Alaska Retirement Management Board established under AS 37.10.210;
(2) “employee” means a person, whether appointed, elected, or under contract, who provides services for the state or a political subdivision of the state for which compensation is given;
(3) “Roth contribution” means a contribution under 26 U.S.C. 402A(c) (Internal Revenue Code).