AK HB280

Creates new defined benefit retirement plan tiers for teachers and public employees hired after June 30, 2006, with adjusted contribution rates (8 percent for employees vs. previous rates) and modified benefits for disability and health insurance.

Allows newly-hired teachers and public employees to elect, within 90 days of hire, to participate in the defined contribution plan instead of the defined benefit plan, with ability to transfer contributions retroactively to date of hire.

Permits teachers and public employees hired after June 30, 2006, who currently participate in the defined contribution plan to make a one-time election within 90 days of this Act's effective date to transfer into the defined benefit plan.

Establishes scaled retiree health insurance premium costs based on Medicare eligibility and years of service, with percentages adjustable every five years starting July 1, 2021, to maintain specified employer cost rates.

Requires employers participating in either plan to participate in both the defined benefit and defined contribution retirement plans; mandates administrators to adopt implementing regulations by July 1, 2016.