AK SB6

Establishes temporary retirement incentive programs for state agencies, municipalities, school districts, and the University of Alaska to reduce operating costs by allowing employees to retire early with enhanced benefits through July 1, 2024.

Provides eligible employees (at least 50 years old with 15+ years service as peace officers/firefighters or 20+ years for other employees, with service before July 1, 2006) a three-year service credit to qualify for retirement.

Requires participating employees to incur indebtedness to their retirement plan (25.95% of compensation for teachers, 22.5% for public safety employees, 20.25% for others) which can be paid through leave balances or reduced from future pension benefits.

Prohibits reemployment by state agencies or University of Alaska for three years after retirement under the program, with limited exceptions for legislative employment, school district substitute teaching, and University of Alaska teaching/research contracts.

Requires the Office of Management and Budget to approve all state agency programs, determine they reduce costs over five years, and submit annual reports to the legislature through January 2025 evaluating program effectiveness and impacts on retirement systems.