An Act relating to the public employees' retirement system and the teachers' retirement system; and providing certain employees an opportunity to choose between the defined benefit and defined contribution plans of the public employees' retirement system and the teachers' retirement system.

Summary

The measure amends Alaska’s public‑employees and teachers’ retirement statutes to give qualified workers a one‑time option to move from the defined‑benefit pension to a defined‑contribution (401(k)‑like) plan. It also updates contribution rates, service‑credit purchases, survivor benefits, health‑care trust rules, and fiduciary investment limits. The changes affect current and re‑employed teachers, other state employees, and their families, aiming to increase flexibility and protect benefits.

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