00 HOUSE BILL NO. 306
01 "An Act relating to disbursement options under the Public Employees' Retirement
02 System of Alaska and the Teachers' Retirement System of Alaska for participants in the
03 defined contribution plan; and providing for an effective date."
04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:
05 * Section 1. AS 14.25.420(a) is amended to read:
06 (a) A participant may elect to receive [DISTRIBUTION OF] the participant's
07 share of the individual account in a
08 (1) lump sum payment, which is a single payment of the entire balance
09 in the account; or
10 (2) periodic distribution option authorized by regulation [LUMP
11 SUM PAYMENT, WHICH IS A PAYMENT OF A PORTION OF THE BALANCE
12 IN THE ACCOUNT, NOT MORE THAN TWICE EACH YEAR;
13 (3) PERIOD CERTAIN ANNUITY PAYMENT, WHICH IS AN
14 ANNUITY PAYABLE IN A FIXED NUMBER OF MONTHLY INSTALLMENTS
01 FOR A DURATION OF 60, 120, OR 180 MONTHS;
02 (4) LIFE ANNUITY WITH A PERIOD CERTAIN PAYMENT,
03 WHICH IS AN ANNUITY PAYABLE UNTIL THE LATER OF THE FIRST DAY
04 OF THE MONTH IN WHICH THE ANNUITANT'S DEATH OCCURS, OR THE
05 DATE ON WHICH THE PAYMENT OF A FIXED NUMBER OF MONTHLY
06 INSTALLMENTS IS COMPLETED; THE PERIOD CERTAIN FOR
07 INSTALLMENTS IS 120 OR 180 MONTHS;
08 (5) SINGLE LIFE ANNUITY PAYMENT, WHICH IS AN
09 ANNUITY PAYABLE MONTHLY UNTIL THE FIRST OF THE MONTH IN
10 WHICH THE ANNUITANT'S DEATH OCCURS; OR
11 (6) JOINT AND SURVIVOR ANNUITY PAYMENT, WHICH IS
12 AN ANNUITY PAYABLE MONTHLY TO THE MEMBER UNTIL THE FIRST OF
13 THE MONTH IN WHICH THE MEMBER'S DEATH OCCURS; AFTER THE
14 MEMBER'S DEATH, A SURVIVOR ANNUITY EQUAL TO 50 PERCENT OR 100
15 PERCENT OF THE MEMBER'S BENEFIT, AS PREVIOUSLY ELECTED BY THE
16 MEMBER, SHALL BE PAID MONTHLY TO THE JOINT ANNUITANT FOR THE
17 REMAINDER OF THE SURVIVOR'S LIFETIME].
18 * Sec. 2. AS 39.35.820(a) is amended to read:
19 (a) A participant may elect to receive the participant's share of the individual
20 account in a
21 (1) lump sum payment, which is a single payment of the entire balance
22 in the account; or
23 (2) periodic distribution option authorized by regulation [LUMP
24 SUM PAYMENT, WHICH IS A PAYMENT OF A PORTION OF THE BALANCE
25 IN THE ACCOUNT, NOT MORE THAN TWICE EACH YEAR;
26 (3) PERIOD CERTAIN ANNUITY PAYMENT, WHICH IS AN
27 ANNUITY PAYABLE IN A FIXED NUMBER OF MONTHLY INSTALLMENTS
28 FOR A DURATION OF 60, 120, OR 180 MONTHS;
29 (4) LIFE ANNUITY WITH A PERIOD CERTAIN PAYMENT,
30 WHICH IS AN ANNUITY PAYABLE UNTIL THE LATER OF THE FIRST DAY
31 OF THE MONTH IN WHICH THE ANNUITANT'S DEATH OCCURS, OR THE
01 DATE ON WHICH THE PAYMENT OF A FIXED NUMBER OF MONTHLY
02 INSTALLMENTS IS COMPLETED; THE PERIOD CERTAIN FOR
03 INSTALLMENTS IS 120 OR 180 MONTHS;
04 (5) SINGLE LIFE ANNUITY PAYMENT, WHICH IS AN
05 ANNUITY PAYABLE MONTHLY UNTIL THE FIRST OF THE MONTH IN
06 WHICH THE ANNUITANT'S DEATH OCCURS; OR
07 (6) JOINT AND SURVIVOR ANNUITY PAYMENT, WHICH IS
08 AN ANNUITY PAYABLE MONTHLY TO THE MEMBER UNTIL THE FIRST OF
09 THE MONTH IN WHICH THE MEMBER'S DEATH OCCURS; AFTER THE
10 MEMBER'S DEATH, A SURVIVOR ANNUITY EQUAL TO 50 PERCENT OR 100
11 PERCENT OF THE MEMBER'S BENEFIT, AS PREVIOUSLY ELECTED BY THE
12 MEMBER, SHALL BE PAID MONTHLY TO THE JOINT ANNUITANT FOR THE
13 REMAINDER OF THE SURVIVOR'S LIFETIME].
14 * Sec. 3. The uncodified law of the State of Alaska is amended by adding a new section to
15 read:
16 TRANSITION: REGULATIONS. (a) The Department of Administration may adopt
17 regulations necessary to implement this Act. Regulations adopted by the Department of
18 Administration under this Act relate to the internal management of a state agency and are not
19 subject to AS 44.62 (Administrative Procedures Act) under AS 14.25.005 and AS 39.35.005.
20 (b) Regulations adopted under this section may not take effect before the effective
21 date of the law being implemented by the regulation.
22 * Sec. 4. Section 3 of this Act takes effect immediately under AS 01.10.070(c).