AK HB30

Repeals the defined contribution retirement plans for teachers (AS 14.25.310 - 14.25.590) and public employees (AS 39.35.700 - 39.35.990), establishing defined benefit plans as the sole retirement structure for both groups.

Allows teachers and public employees hired on or after July 1, 2006, who are currently in defined contribution plans to make a one-time irrevocable election before September 1, 2009, to transfer to the defined benefit plan with all accumulated contributions.

Transfers require administrator approval and spouse consent for married employees; the Alaska Retirement Management Board must complete transfers within 30 days and credit service based on actual service or actuarially calculated contribution value, whichever is less.

Changes cost-of-living adjustment provisions to require board determination (rather than administrator-only determination) of financial condition permitting benefit increases.

Requires the commissioner of administration to adopt implementing regulations and directs the revisor of statutes to submit conforming amendments clarifying that retirement systems consist only of defined benefit plans.