- Alaska Statutes.
- Title 39. Public Officers and Employees
- Chapter 35. Public Employees' Retirement System of Alaska
- Section 100. Accounting.
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. Applicability of AS 39.35.095 - 39.35.680.
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. Investments. [Repealed, Sec. 33 Ch 141 SLA 1988].
AS 39.35.100. Accounting.
- (a) The commissioner of administration shall establish and maintain an adequate system of accounts and records for the
plan. The accounts and records shall be integrated with the accounts, records, and procedures of the employers to
the end that they operate most effectively and at minimum expense, and that duplication of records and accounts is
- (b) All income of the pension fund and all disbursements made by the fund shall be credited or charged, whichever is
appropriate, to the following accounts:
- (1) An individual account shall be maintained for each employee to record the amount of the employee's mandatory
contributions collected under AS 39.35.160
(a). As of the last day of each calendar year and each fiscal year beginning with June 30, 1969, this account shall be
credited with interest, by applying the prescribed rate of interest as determined by the board to the balance in the account as of
that date. Within one year following retirement, the amount actuarially determined as necessary to fully fund the
benefits to be received shall be transferred first from the employee contribution account and, after the employee
contribution account has been exhausted, then from the employer contribution account into the retirement reserve
- (2) An individual account shall be maintained for each employee to record the amount of the employee's voluntary
contributions. As of the last day of each calendar year and each fiscal year beginning with June 30, 1969, this account
shall be credited with interest, by applying the prescribed rate of interest as determined by the boardto the balance in the account
as of that date. Amounts that, before termination of employment, are withdrawn by an employee from the employee's
savings account shall be charged to that account. Upon retirement, the amount actuarially determined as necessary to
fully fund the benefits to be received shall be transferred first from the employee savings account and, after the
employee savings account has been exhausted, then from the employer contribution account into the retirement reserve
- (3) A separate account for each employer shall be maintained. The account shall be credited with contributions of the
employer. This account shall be charged with the employer's actuarial charge for pension, death benefits, and other
benefits paid under this plan to or on behalf of the employee of the employer. After an allowance for interest
credited to employee contribution accounts and employee savings accounts, the investment income of the pension fund
shall be allocated to the retirement reserve account and to each employer asset share account according to the ratio
that the average of the assets in the account as of the beginning and as of the end of the fiscal year bears to the
total of the average balance of the retirement reserve account and all employer accounts.
- (4) An expense account shall be maintained for the plan. This account shall be charged with all disbursements
representing administrative expenses incurred by the plan. At the end of the year the expense account shall be
allocated to each employer in accordance with (3) of this subsection. Expenditures from this account shall be included
in the governor's budget for each fiscal year and are subject to approval by the legislature.
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