AK SB83

Establishes the Protective Occupation Retirement Council with 9 members including protective occupation employees, retirees, and public members to oversee retirement benefits and investment policies for protective occupation employees.

Allows protective occupation employees hired after June 30, 2006, to participate in the defined benefit retirement plan under the public employees' retirement system, with higher employee contribution rates (9% for peace officers/firefighters, 8% for others) and employer contributions of 14% and 12% respectively.

Creates an assumed variable benefit calculation for protective occupation employees hired after June 30, 2006, based on compensation, age, and years of service, capped at what employees would receive under the pre-2006 formula.

Provides modified retirement eligibility ages for protective occupation employees hired after June 30, 2006 (age 63 for most, age 55 for peace officers/firefighters with 20+ years service) and medical insurance stipends based on years of service.

Allows protective occupation employees hired after June 30, 2006, but before the effective date to elect within 90 days to transfer from the defined contribution plan to the defined benefit plan, with transferred contributions used to purchase credited service on an actuarial basis.