AK HB11

Allows state troopers hired after June 30, 2006 to participate in the defined benefit retirement plan under AS 39.35.095 - 39.35.680, with eligibility at age 60 with 5 years of service or with 20 years of service as a peace officer.

Permits state troopers and former state troopers currently in the defined contribution plan to make a one-time election within 90 days of the effective date to switch to the defined benefit plan and transfer all contributions with investment earnings.

Transferred contributions are used to purchase credited service in the defined benefit plan on an actuarial equivalent basis as determined by the Alaska Retirement Management Board.

Requires the administrator to provide written notice of eligibility and information about consequences before an election, with transfers occurring within 30 days unless major financial markets are disrupted.

Becomes effective July 1, 2019, with regulations authority effective immediately.