Legislature(2003 - 2004)
2003-05-21 House JournalFull Journal pdf
2003-05-21 House Journal Page 2070 HB 331 HOUSE BILL NO. 331 by the House Rules Committee by request of the Governor, entitled: "An Act relating to federal requirements for governmental plan and other qualifications for the teachers' retirement system, the public employees' retirement system, and the judicial retirement system; and providing for an effective date." was read the first time and referred to the State Affairs, Labor & Commerce, and Finance Committees. The following fiscal note(s) apply: 1. Zero, Dept. of Administration The Governor's transmittal letter dated May 20, 2003, follows: "Dear Speaker Kott: Under the authority of art. III, sec. 18, of the Alaska Constitution, I am transmitting a bill relating to federal requirements for governmental plan qualifications for the teachers' retirement system, the public employees' retirement system, and the judicial retirement system, as required by the federal Internal Revenue Service. This bill also would further implement changes that allow retirement system members to selectively transfer pre-tax money, or make additional contributions, to repay indebtedness and to purchase permissible service credits in the Alaska retirement systems. These changes would allow members to better plan their retirement and to 2003-05-21 House Journal Page 2071 make their financial future more secure. Taking advantage of such tax law provisions would strengthen the retirement systems in a cost- effective manner. Sincerely, /s/ Frank H. Murkowski Governor"