AK HB55

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 the defined contribution plan.

Establishes employee contribution rate of 8 percent for peace officers and firefighters hired after June 30, 2006, with the Alaska Retirement Management Board authorized to adjust between 8-12 percent.

Creates separate employer contribution requirements for peace officers and firefighters hired after June 30, 2006, with a minimum per capita rate of 12 percent of total monthly compensation.

Provides medical, disability, and death benefits for peace officers and firefighters hired after June 30, 2006, including retiree major medical insurance with tiered premium costs based on years of service and Medicare eligibility.

Allows peace officers and firefighters currently in the defined contribution plan to make a one-time election within 90 days to transfer to the defined benefit plan and transfer all prior contributions as service credit.