HB 306 Summary

• Amends AS 14.25.420(a) and AS 39.35.820(a) to add a new disbursement option allowing participants in the Teachers' Retirement System of Alaska (TRS) and Public Employees' Retirement System of Alaska (PERS) defined contribution plans to receive distributions as authorized by regulation adopted by the commissioner of administration.

• Existing distribution options remain available, including lump sum payments, periodic lump sum payments (up to twice yearly), period certain annuity payments (60, 120, or 180 months), life annuity with period certain payments (120 or 180 months), single life annuity payments, and joint and survivor annuity payments.

• Authorizes the commissioner of administration to adopt regulations necessary to implement the Act, which are exempt from the Administrative Procedure Act under AS 44.62.

• Regulations adopted under this Act may not take effect before the effective date of the law being implemented.

• Section 3 (regulatory authority) takes effect immediately upon enactment.