HB 220 Summary

• Allows teachers and public employees hired after June 30, 2006, to make a one-time election to participate in defined benefit retirement plans instead of defined contribution plans, retroactive to their hire date

• Permits employees hired after June 30, 2006, who are currently in defined contribution plans to transfer to defined benefit plans within 90 days of the bill's effective date and use transferred contributions to purchase credited service

• Requires employers participating in defined contribution plans to also participate in corresponding defined benefit retirement plans

• Establishes new medical benefit provisions (AS 14.25.171 and AS 39.35.537) for employees hired after June 30, 2006, including access to retiree major medical insurance with premium costs based on years of service

• Takes effect July 1, 2022, with transition provisions allowing existing defined contribution members a 90-day window to elect transfer to defined benefit status