Alaska Statutes: AS 39.35.350. Reinstatement of Credited Service.

Alaska Statutes. Title 39. Public Officers and Employees Chapter 35. Public Employees' Retirement System of Alaska Section 350. Reinstatement of Credited Service.

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AS 39.35.350. Reinstatement of Credited Service.

(a) An employee who receives a refund of contributions in accordance with AS 39.35.200 forfeits corresponding credited service under AS 39.35.095 - 39.35.680.
(b) An employee may reinstate credited service associated with a refund by repaying the total amount of the refund. A former member who received a total refund of the former member's contribution account balance because of a levy under AS 09.38.065 or a federal tax levy may reinstate credited service in the same manner as an employee. Interest accrues from the date of the refund until repayment of the refund or retirement, whichever occurs first. Payments shall be applied first to accrued interest and then to principal.
(c) Any outstanding indebtedness that exists at the time an employee is appointed to retirement necessitates an actuarial adjustment to the benefits payable based on service reinstated under this section.

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