HB 211 Summary

• Establishes temporary retirement incentive programs for members of the Teachers' Retirement System and Public Employees' Retirement System defined benefit plans, available through June 30, 2018.

• Eligible employees must be at least 50 years old with 17+ years of service (peace officers/firefighters) or 20+ years of service (other employees), with service credit before July 1, 2006, and must receive a 3-year service credit upon participation.

• Participating employees incur indebtedness to their retirement plan (25.95% of compensation for teachers; 22.5% for peace officers/firefighters or 20.25% for other public employees) which may be paid through leave or reduced from pension benefits.

• Employers must reimburse retirement plans within 3 years for the actuarial equivalent of benefits added through the incentive program and adopt policies prohibiting new employee hiring.

• Retirees who are reemployed by the state or University within 3 years must forfeit incentive credits and incur 110% indebtedness of amounts received, with limited exceptions for legislative, substitute teaching, and University of Alaska research positions.