- Alaska Statutes.
- Title 39. Public Officers and Employees
- Chapter 35. Public Employees' Retirement System of Alaska
- Section 678. Internal Revenue Code Compliance.
previous: Section 677
. Special Rules For Treatment of Qualified Military Service.
next: Section 680
AS 39.35.678. Internal Revenue Code Compliance.
- (a) The administrator shall use forfeitures that arise for any reason, including from termination of employment
or death, to reduce employer contributions. Forfeitures may not be applied to increase the benefits of any member.
- (b) The administrator shall determine the amount of any benefit that is determined on the basis of actuarial
tables using assumptions approved by the commissioner. The amount of benefits is not subject to employer discretion.
- (c) Employee contributions paid to, and retirement benefits paid from, the plan may not exceed the annual limits
on contributions and benefits, respectively, allowed by 26 U.S.C. 415. Notwithstanding any contrary provision of law, the administrator
may modify a request by a member to make a contribution to a plan if the amount of the contribution would exceed the limits provided in
26 U.S.C. 415 by using the following methods:
- (1) if the law requires a lump sum payment for the purchase of service credit, the administrator may establish a
periodic payment plan for the member to avoid a contribution in excess of the limits under 26 U.S.C. 415(c) or (n);
- (2) if a periodic payment plan under (1) of this subsection will not avoid a contribution in excess of the
limits imposed by 26 U.S.C. 415(c), the administrator may either reduce the member's contribution to an amount within the limits of that
section or refuse the member's contribution.
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.