SB 212 Summary

• Peace officers and firefighters hired after June 30, 2006, may now participate in the defined benefit retirement plan instead of the defined contribution plan, with a one-time 90-day election period for those hired between July 1, 2006, and the effective date.

• Peace officers and firefighters hired after June 30, 2006, are entitled to medical benefits (retiree major medical insurance and health reimbursement arrangement) under new AS 39.35.537, with premium costs based on years of service and Medicare eligibility status.

• Employee contribution rates for peace officers and firefighters hired after June 30, 2006, are set at 8 percent of compensation, adjustable by the board between 8-10 percent; employers must contribute not less than 12 percent and not more than 22 percent of total monthly compensation for all such employees combined.

• Retirement eligibility for peace officers and firefighters hired after June 30, 2006, is at age 55 with 20 years of service or age 60 with 5 years of service; these members do not receive automatic annual benefit increases under AS 39.35.475.

• The bill applies generally to employees first hired before July 1, 2006, and separately to all peace officers and firefighters regardless of hire date, creating a special classification for protective occupation employees; effective July 1, 2018.