AK SB23

Establishes that the Board (rather than the Administrator) determines when cost of living increases and financial conditions permit increases to retirement benefit payments for both teachers' and public employees' retirement systems.

Removes the requirement that fund assets-to-accrued liability ratio must meet or exceed 105 percent before benefit increases are permitted, giving the Board discretionary authority.

Allows teachers and public employees first hired on or after July 1, 2006, who are in defined contribution plans to elect to transfer to defined benefit retirement plans before September 1, 2009, transferring all contributions made to date.

Provides a one-time election option for newly hired teachers and public employees who are fully vested in outside retirement plans to choose defined contribution participation within 60 days of hire and transfer contributions.

Requires the administrator to provide employees with detailed information and calculations about the financial consequences of choosing between defined benefit and defined contribution retirement plans before accepting their election.