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- Alaska Statutes.
- Title 14. Education, Libraries, and Museums
- Chapter 25. Teachers' Retirement
- Section 500. Exclusive Benefit.
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. Amendment and Termination of Plan.
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. Nonguarantee of Returns, Rates, or Benefit Amounts.
AS 14.25.500. Exclusive Benefit.
- (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 in excess of plan benefits due to dividends, earnings, or other experience rating credits, or surrender or cancellation credits,
shall be paid to the trust fund.
- (c) The assets of the plan may not be used to pay premiums or contributions of the employer under another plan
maintained by the employer.
- (d) The administrator shall use forfeitures in the fixed benefit account of the plan that arise for any reason,
including from termination of employment or death, to reduce employer contributions. Forfeitures may not be applied to increase the
benefits of any member.
- (e) The administrator shall determine the amount of any fixed benefit that is determined on the basis of actuarial
tables using assumptions approved by the commissioner. The amount of benefits is not subject to employer discretion.
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