- Alaska Statutes.
- Title 39. Public Officers and Employees
- Chapter 35. Public Employees' Retirement System of Alaska
- Section 385. Conditional Service Retirement Benefits.
previous: Section 381
. Alternate Benefit For Elected Public Officers.
next: Section 389
. Alternate Benefits For Epors Members.
AS 39.35.385. Conditional Service Retirement Benefits.
- (a) Subject to AS 39.35.450
, an employee is eligible for a normal retirement benefit at age 60 with at least two years of credited service if the
employee also is eligible for a normal retirement salary under AS 14.25 (teachers' retirement system).
- (b) Subject to AS 39.35.450
, an employee is eligible for an early retirement benefit at age 55 with at least two years of credited service if the
employee also is eligible for an early retirement salary under AS 14.25 (teachers' retirement system).
- (c) Credited service for which contributions were refunded is not creditable under this section unless the refunded
contributions have been repaid. For purposes of (a) and (b) of this section, a member or former member does not have
to be reemployed under this plan in order to pay refunded contributions. Compound interest at the rate prescribed by
regulation shall be added to the reinstatement indebtedness from the date of the refund to the date of repayment.
- (d) The monthly amount of a conditional service retirement benefit shall be calculated on the years of fully paid credited
service in accordance with AS 39.35.370
(c), except that the member may irrevocably elect to substitute one-twelfth of the "average base salary" as defined in
(5) in place of average monthly compensation.
- (e) Benefits payable under this section accrue from the first day of the month (1) in which the member meets the
eligibility requirements of this section, (2) following the date of termination, and (3) following application for
retirement, and are payable the last day of the month. If payment is delayed, a retroactive payment shall be made to
cover the period of deferment. The last payment shall be made for the month in which the member dies or is no longer
eligible for a benefit under this section.
- (f) Subject to AS 39.35.450
, an employee is eligible for a normal retirement benefit at age 60 or an early retirement benefit at age 55 if the
employee was first hired as a legislative employee before May 30, 1987, and has at least 60 days of credited service as
an employee of the legislature, other than as an employee of the Office of the Ombudsman or the office of victims'
rights, during each of five legislative sessions. An employee who was first hired as a legislative employee on or after
May 30, 1987, and is otherwise eligible under this subsection must have at least 80 days of credited service during
each of five legislative sessions to receive benefits under this subsection.
All content © 2008 by Touch
N' Go/Bright Solutions, Inc.
Note to HTML Version:
This version of the Alaska Statutes is current through December, 2007. The Alaska Statutes were automatically converted to HTML from a plain text format. Every effort has been made to ensure their accuracy, but this can not be guaranteed. If it is critical that the precise terms of the Alaska Statutes be known, it is recommended that more formal sources be consulted. For statutes adopted after the effective date of these statutes, see, Alaska State Legislature
If any errors are found, please e-mail Touch N' Go systems at E-mail. We
hope you find this information useful.