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- Alaska Statutes.
- Title 14. Education, Libraries, and Museums
- Chapter 40. The University of Alaska, the Community Colleges, and the Alaska Aerospace Development Corporation
- Section 661. Authority of Board.
previous: Section 660
. [Renumbered as AS 14.44.010
next: Section 670
. [Renumbered as AS 14.44.015
AS 14.40.661. Authority of Board.
- (a) The board may establish and maintain university retirement programs for eligible employees in which retirement and death
benefits are provided through the purchase of annuity contracts, either fixed, variable, or a combination of fixed and
variable. Participation in a university retirement program is in place of participation in a state retirement system. The university may establish
retirement programs for new employees in a participating position at any time. Retirement programs must be optional.
- (b) The board shall
- (1) provide for the administration of the retirement programs, including procedures for resolving complaints from participating
- (2) designate the company or companies to which payment of the contributions required under AS 14.40.691
may be made, after considering the
- (A) nature and extent of the rights and benefits that the contracts will provide to employees who elect to participate and
to their beneficiaries;
- (B) relation of the contractual rights and benefits to the contributions to be made under AS 14.40.661
- (C) suitability of the contractual rights and benefits to the needs and interests of employees who participate and
to the interest of the university in the employment and retention of employees;
- (D) ability of the designated company or companies to provide rights and benefits under the contracts; and
- (E) efficacy of the contracts in the recruitment and retention of faculty and administrators;
- (3) take other actions required to ensure that the retirement programs comply with applicable provisions of 26 U.S.C. 401 - 417 (Internal
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