AK HB79

Allows peace officers and firefighters hired after June 30, 2006, to participate in the defined benefit retirement plan (AS 39.35.095 - 39.35.680) instead of only the defined contribution plan, with a one-time 90-day election period to switch plans and transfer contributions.

Peace officers and firefighters hired after June 30, 2006, contribute 8 percent of compensation to retirement (adjustable between 8-10 percent by the board) and are eligible for normal retirement at age 60 with 5 years of service or age 55 with 20 years of service.

Establishes employer contribution rates for peace officers and firefighters hired after June 30, 2006, at not less than 12 percent of total monthly compensation, plus an additional board-determined amount.

Creates medical benefits eligibility for peace officers and firefighters hired after June 30, 2006, through a new section (AS 39.35.537) providing access to retiree major medical insurance and health reimbursement arrangements, with premium costs based on years of service (10-30 percent for Medicare-eligible members).

Effective July 1, 2021, with regulations to be adopted by the Alaska Retirement Management Board and Commissioner of Administration.