SB 35 Summary

• Peace officers and firefighters hired after June 30, 2006, may participate in the defined benefit retirement plan (AS 39.35.095-39.35.680) instead of the defined contribution plan, with eligibility for normal retirement at age 60 with 5 years of service or age 55 with 20 years of service.

• Establishes medical benefit 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% of full premium for Medicare-eligible members).

• Peace officers and firefighters hired after June 30, 2006, contribute 8% of compensation to the defined benefit plan (adjustable between 8-12%), and employers contribute at least 12% of total compensation for these employees.

• Allows a one-time, 90-day election window for peace officers and firefighters already in the defined contribution plan to transfer to the defined benefit plan, with all contributions transferred on an actuarially equivalent basis.

• Effective date is July 1, 2023, with the board and commissioner of administration authorized to adopt implementing regulations.