SB 159 - PERS/TERS Distribution Options Summary

• Amends AS 14.25.420(a) and AS 39.35.820(a) to modify disbursement options for defined contribution plan participants in the Public Employees' Retirement System and Teachers' Retirement System of Alaska.

• Replaces specific annuity payment options (period certain, life annuity with period certain, single life annuity, and joint and survivor annuity) with a single "periodic distribution option authorized by regulation," allowing the Department of Administration to define distribution methods.

• Retains lump sum payment as a disbursement option for participants to receive their entire account balance in a single payment.

• Authorizes the Department of Administration to adopt implementing regulations without being subject to the Administrative Procedures Act, with regulations effective only on or after the law's effective date.

• Section 3 of the Act takes effect immediately under AS 01.10.070(c).