AK HB22

Allows peace officers and firefighters first hired after June 30, 2006, to participate in the defined benefit retirement plan (instead of the defined contribution plan) and make a one-time election within 90 days of the bill's effective date to transfer their existing contributions.

Establishes new retirement eligibility for peace officers and firefighters hired after June 30, 2006: age 60 with 5 years of service or age 55 with 20 years of service in the system.

Creates medical benefits eligibility (AS 39.35.537) for peace officers and firefighters hired after June 30, 2006, including access to retiree major medical insurance and health reimbursement arrangements, with premium costs scaled by years of service (10% to 30% for Medicare-eligible members).

Adjusts employee contribution rates for peace officers and firefighters hired after June 30, 2006, to 8% of compensation (adjustable between 8-10% by the board) and establishes employer contributions at not less than 12% of total monthly compensation for these employees.

Takes effect July 1, 2023, with regulations authority granted to the Alaska Retirement Management Board and Commissioner of Administration.