Title 14, Education, Libraries, and Museums

If payments from this retirement plan are due to a teacher or to the teacher's spouse under more than one provision of this plan, the teacher or spouse shall elect under which provision and which benefit the teacher or spouse wishes to receive and no payments may be made under an…

[Repealed or reserved.]

(a) When a change or error is made in the records maintained by the plan or in the contributions made on behalf of an employee or an error is made in computing a benefit, and, as a result, a teacher or member or beneficiary is entitled to receive from the plan more or less than t…

(a) Upon request by an affected member or beneficiary under (b) of this section, the commissioner of administration may waive an adjustment or a portion of an adjustment made under AS 14.25.173 if, in the opinion of the commissioner of administration, (1) the adjustment or portio…

(a) An amendment to AS 14.25.009 — 14.25.220 is not retroactive unless its retroactivity is expressly stated in the amendment. (b) The monthly amount of a benefit payable under AS 14.25.009 — 14.25.220 shall be determined in accordance with the provisions of AS 14.25.009 — 14.25.…

[Repealed or reserved.]

(a) The corpus or income of the assets held in trust as required by the plan may not be diverted to or used for other than the exclusive benefit of the members or their beneficiaries. (b) If, upon termination of the plan, all liabilities are satisfied, any excess assets shall be …

[Repealed or reserved.]

(a) Notwithstanding any contrary provisions of AS 14.25.009 — 14.25.220, with respect to qualified military service, contributions shall be made and benefits and service credit shall be provided in accordance with 26 U.S.C. 414(u). (b) To the extent required by 26 U.S.C. 401(a)(3…

(a) Except as provided in AS 29.45.030(a)(1) or in (c) of this section, member contributions and other amounts held in the plan on behalf of a member or other person who is or may become eligible for benefits under the plan are exempt from Alaska state and municipal taxes and are…

If an application for benefits or for refund has not been filed with the administrator by July 1 following the date on which an inactive member (except a member on leave of absence without pay) would attain age 75, or if an application for benefits or for refund has not been file…

(a) A person who knowingly makes a false statement, or falsifies or permits to be falsified any record of this plan, in an attempt to defraud this plan, is guilty of a class A misdemeanor. (b) In this section, “knowingly” has the meaning given in AS 11.81.900(a).

The provisions of AS 37.10.310 apply to pension benefits under AS 14.25.009 — 14.25.220.

Article 3. Teachers First Hired on or after July 1, 2006. In AS 14.25.009 — 14.25.220, unless the context requires otherwise, (1) “active member” means a member who is employed by an employer, is receiving compensation on a full-time or part-time basis and is making contributions…

The provisions of AS 14.25.310 — 14.25.590 apply only to teachers who first become members on or after July 1, 2006, to members who are employed by employers that do not participate in the defined benefit retirement plan established under AS 14.25.009 — 14.25.220, to former membe…

(a) A defined contribution retirement plan for teachers of the state is created. (b) The defined contribution retirement plan includes a plan in which savings are accumulated in an individual account for the exclusive benefit of the member or beneficiaries. The plan is establishe…

(a) A teacher who first becomes a member on or after July 1, 2006, shall participate in the plan as a member of the defined contribution retirement plan. (b) A teacher who is participating in a university retirement program under AS 14.40.661 — 14.40.799 may not participate as a …

(a) Each member shall contribute to the member's individual account an amount equal to eight percent of the member's compensation from July 1 to the following June 30. (b) [Repealed, § 116 ch 20 SLA 2007.] (c) The employer shall deduct the contribution from the member's compensat…

(a) Contributions of members shall be made by payroll deductions. Each member shall be considered to consent to payroll deductions. It is of no consequence that a payroll deduction may cause the compensation paid in cash to a member to be reduced below the minimum required by law…

(a) An employer shall contribute to each member's individual account an amount equal to seven percent of the member's compensation from July 1 to the following June 30. (b) An employer shall also contribute an amount equal to a percentage, as approved by the board, of each member…

(a) A teacher entering the plan may elect, at the time and in the manner prescribed by the administrator, to have all or part of a direct rollover distribution from an eligible retirement plan owned by the member paid directly into the member's individual account. (b) Rollover co…

(a) All contributions deducted in accordance with AS 14.25.310 — 14.25.590 shall be transmitted to the plan for deposit in the appropriate account or trusts as soon as administratively feasible, but in no event later than 15 days following the close of the payroll period, with th…

Notwithstanding any other provisions of this plan, the annual additions to each member's individual account under this plan and under all defined contribution plans of the employer required to be aggregated with the contributions from this plan under the provisions of 26 U.S.C. 4…

(a) A participating member is immediately and fully vested in that member's contributions and related earnings. (b) A member is fully vested in the employer contributions made on that member's behalf, and related earnings, after five years of service. A member is partially vested…

(a) The board shall provide a range of investment options and permit a participant to exercise investment control over the participant's assets in the member's individual account as provided in this section. If a participant exercises control over the assets in the individual acc…

(a) A member is eligible to elect distribution of the member's account in accordance with this section 60 days after termination of employment. (b) Notwithstanding (a) of this section, distribution of all or a portion of the individual account of a member may take place before th…

(a) A participant may elect to receive distribution of the participant's share of the individual account in a (1) lump sum payment, which is a single payment of the entire balance in the account; (2) periodic lump sum payment, which is a payment of a portion of the balance in the…

(a) Any election or any alteration or revocation of a prior election by a participant for any purpose under this plan shall be on forms or made in a manner prescribed for that purpose by the plan administrator. To be effective, the forms required or the required action for any pu…

(a) Payments to a participant shall commence as soon as administratively feasible following the distribution commencement date. The distribution commencement date is the first date on which one of the following occurs: (1) a member meets the requirements of AS 14.25.410 and has m…

(a) Each participant shall have the right to designate a beneficiary and shall have the right, at any time, to revoke the designation or to substitute another beneficiary, subject to the following limitation: if a married member elects a nonspouse beneficiary, the value of the be…

(a) Notwithstanding the nonalienation provisions in AS 14.25.500(a), the administrator may direct that benefits be paid to someone other than a member or beneficiary under a valid qualified domestic relations order that is executed by the judge of a competent court in accordance …

(a) In order to obtain medical benefits under AS 14.25.480, a member must retire directly from the plan. A member is eligible to retire from the plan if the member has been an active member for at least 12 months before application for retirement and (1) the member has at least 3…

(a) The medical benefits available to eligible persons are access to the retiree major medical insurance plan and to the health reimbursement arrangement under AS 39.30.300. Access to the retiree major medical insurance plan means that an eligible person may not be denied insuran…

(a) A member is eligible for an occupational disability benefit if employment is terminated because of a total and apparently permanent occupational disability before the member's normal retirement date. (b) The occupational disability benefits accrue beginning the first day of t…

(a) Once each year, the administrator shall increase disability benefits. The amount of the increase is a percentage of the current disability benefit equal to the lesser of 75 percent of the increase in the cost of living in the preceding calendar year or nine percent. (b) If a …

(a) If (1) the death of a member occurs before the member's retirement and before the member's normal retirement date, (2) the proximate cause of death is a bodily injury sustained or a hazard undergone while in the performance and within the scope of the member's duties, and (3)…

(a) Once each year, the administrator shall increase payments to a person 60 years of age or older receiving a survivor's pension under AS 14.25.485(i) or 14.25.487(c) and to a person who has received a survivor's pension under AS 14.25.485(i) or 14.25.487(c) for at least eight y…

The premium for retiree major medical insurance coverage payable by a member whose disability benefit is terminated under AS 14.25.485(g) or by an eligible survivor whose survivor pension is terminated under AS 14.25.485(i) or 14.25.487(e) when the member would have been eligible…

(a) The state has the right to amend the plan at any time and from time to time, in whole or in part, including the right to make retroactive amendments referred to in 26 U.S.C. 401(b). (b) The plan administrator may not modify or amend the plan retroactively in such a manner as …

(a) The corpus or income of the assets held in trust as required by the plan may not be diverted or used for other than the exclusive benefit of the participants. (b) If plan benefits are provided through the distribution of annuity or insurance contracts, any refunds or credits …

The plan created by AS 14.25.310 — 14.25.590 is, with respect to individual accounts, treated as a defined contribution plan, and not a defined benefit plan. The amount of money in the individual account of a participant depends on the amount of contributions and the rate of retu…

The provisions of AS 14.25.310 — 14.25.590 are not a contract of employment between an employer and an employee, nor do they confer a right of an employee to be continued in the employment of an employer, nor are they a limitation of the right of an employer to discharge an emplo…

(a) A person who knowingly makes a false statement or falsifies or permits to be falsified a record of this plan in an attempt to defraud the plan is guilty of a class A misdemeanor. (b) In this section, “knowingly” has the meaning given in AS 11.81.900(a).

The provisions of AS 37.10.310 apply to pension benefits under AS 14.25.310 — 14.25.590.

(a) Subject to (i) of this section, an active member of the defined benefit retirement plan of the teachers' retirement system is eligible to participate in the defined contribution retirement plan established under AS 14.25.310 — 14.25.590 if that member has not vested. Particip…

A person who is employed at least half-time in the public employees' defined contribution retirement plan (AS 39.35.700 — 39.35.990) during the same period that the person is employed at least half-time in a position in the teachers' defined contribution retirement plan (AS 14.25…