AK SB48

Establishes the Peace Officer and Firefighter Survivors' Fund within the Department of Public Safety to pay major medical insurance premiums for eligible surviving spouses and dependent children of peace officers and firefighters who die in the line of duty.

Creates two separate accounts within the fund: a state employee survivor account (funded by appropriations and donations) and a municipal employee survivor account (funded by municipal contributions, appropriations, and donations).

Surviving spouses remain eligible for premium payments for up to 10 years, until they reach age 65, or until they obtain other insurance coverage; surviving children remain eligible until age 26 (or indefinitely if totally and permanently disabled).

Requires municipalities to enter into agreements with the commissioner to participate in the fund and make required contributions based on anticipated costs; if a municipality fails to meet agreement requirements, surviving dependents become ineligible for payments.

Takes effect July 1, 2017, with the commissioner of public safety authorized to adopt necessary regulations for implementation.