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- Alaska Statutes.
- Title 26. Military Affairs, Veterans, and Disasters
- Chapter 5. Military Code of Alaska
- Section 228. Accounting and Investment.
previous: Section 227
. [Renumbered as AS 26.05.229
next: Section 229
AS 26.05.228. Accounting and Investment.
- (a) The commissioner of administration shall establish a military retirement trust fund for the system in which the assets
of the system are deposited and held. The commissioner shall maintain accounts and records for the system.
- (b) All income of the fund and all disbursements made by the fund shall be credited or charged, whichever is appropriate,
to the following accounts:
- (1) an individual account for each retired member of the system that records the benefits paid under this system to the
member or surviving beneficiary;
- (2) a separate account for the Department of Military and Veterans' Affairs' contribution to fund the system based on the
actuarial requirements of the system as established by the commissioner of administration under this chapter;
- (3) an expense account for the system; this account is charged with all disbursements representing administrative expenses
incurred by the system; expenditures from this account are included in the governor's budget for each fiscal year.
- (c) The Alaska Retirement Management Board is the fiduciary of the fund and has the same powers and duties under this
section in regard to the fund as are provided under AS 37.10.220
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