AK HB90

Creates a Protective Occupation Retirement Council with nine members including six protective occupation employees, one legislator, and two retirees to oversee retirement benefits and investment policies for peace officers, firefighters, and related administrative staff.

Extends the defined benefit retirement plan (AS 39.35.095 - 39.35.680) to protective occupation employees hired after June 30, 2006, with separate contribution rates (9% for peace officers/firefighters, 8% for other protective occupation employees).

Establishes employer contribution requirements of 14% for peace officer/firefighter positions and 12% for other protective occupation employees, plus 14% of overtime compensation directed to defined contribution plan accounts.

Modifies retirement eligibility for protective occupation employees hired after June 30, 2006: age 55 with 20 years service for peace officers/firefighters, or age 60 with 30 years service for other protective occupation employees.

Allows protective occupation employees hired after June 30, 2006 and initially enrolled in the defined contribution plan to make a one-time election within 90 days to transfer to the defined benefit plan and convert accumulated contributions to service credit on an actuarial basis.