AK SB52

Creates new defined benefit tiers for teachers' retirement system (TRS) and public employees' retirement system (PERS) for members hired after June 30, 2006, with modified contribution rates of 8 percent instead of prior rates.

Allows employees hired after the effective date to make a one-time election within 90 days to participate in defined contribution plans retroactive to hire date, with ability to transfer employer and employee contributions.

Establishes transition provision allowing current defined contribution plan members (hired after June 30, 2006, before effective date) to elect defined benefit coverage within 90 days with contribution transfers and service credit adjustments.

Requires employers participating in defined contribution plans to also participate in defined benefit plans, and mandates elected officials earning at least $2,001 monthly to become members unless they waive participation within 30 days.

Effective July 1, 2019, with medical insurance premium schedules for post-2006 members varying by years of service and Medicare eligibility, subject to five-year adjustment cycles beginning July 1, 2023.