AK HB396

Establishes a seven-member Retiree Health Benefit Board in the Department of Administration to oversee health benefits for retirees in the teachers' retirement system and public employees' retirement system.

Board members include retired system members recommended by the Alaska Retirement Management Board, National Education Association, American Federation of Teachers, Retired Public Employees of Alaska, a finance officer, and an outside expert in health benefits administration.

Requires the administrator to solicit board advice before hiring private third parties to administer health benefits and to adopt reasonable board recommendations or provide written explanations for rejecting them.

Mandates the commissioner provide the board at least 30 days to review and comment on proposed regulations relating to medical or supplemental benefits before adoption.

Board members serve staggered three-year terms, receive per diem and travel expenses, and must meet at least annually with the Alaska Retirement Management Board; effective date is July 1, 2018.