Bert Stedman voted Nay (Passage) on this Legislation.
Title: Authorizes Choice On Pension Plans Available to Alaska Teachers for Retirement
Vote to pass a bill that authorizes choice on the pension plans available to Alaska teachers for retirement.
Increases the amount public employee’s would be required to pay into the new pension system from the previous specified amount (Sec. 2).
Prohibits health insurance from being included in the new system and establishes a small health savings account to cover the time between retirement and the minimum age for Medicare (Sec. 10).
Authorizes current state employees the opportunity to switch from the state’s existing 401(k)-style retirement system into the new system (Sec. 27).
Requires all new state employee’s to enroll and use the new pension system (Sec. ).
Authorizes police, firefighters, adn other public safety employees to retire at the following ages and years of service (Sec. 71):
At age 50 with 25 years of service;
At age 55 with 20 years of service; and
At age 60 with 30 years of service.
Specifies that retirement payments shall be based on an employee’s 5 highest consecutive years of salary, and benefits, and shall not be available for any individual who works less than 5 years (Sec. 26).
Prohibits any cost of living bonuses for retirees who live in Alaska (Sec. 73).
Specifies that the state supplemental benefit system which currently authorizes employees to save an additional 6.12% of their income shall remain untouched (Sec. 86).
Specifies that the provisions of this bill shall take effect July 1, 2024 (Sec. 95).
Title: Authorizes Choice On Pension Plans Available to Alaska Teachers for Retirement