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(a) An employee who completes three years of service with the state after January 1, 1961, is entitled to credited service for employment as a peace officer or fireman performed after January 1, 1961, for a political subdivision of the state if the employee is vested (has five paid-up years) and was participating in the PERS as an active member under the peace officer or fireman category on July 1, 1980.
(b) Retroactive contributions for service as a peace officer or fireman in the case of an active employee vesting before or during the calendar year 1980 are calculated by multiplying six percent times the 1980 full-calendar-year salary or estimated full-calendar-year salary times years of credited service.
(c) Retroactive contributions for service as a peace officer or fireman in the case of an active employee vesting after December 31, 1980, are calculated by multiplying six percent times the full-calendar-year or estimated full-calendar-year salary for the year in which the employee becomes vested times years of credited service.
(d) Under this section, interest accrues on the indebtedness of a peace officer or fireman beginning July 1, 1983, or one year following the date the peace officer or fireman becomes vested, whichever is later. Any outstanding indebtedness which exists at the time a peace officer or a fireman is appointed to retirement will necessitate an actuarial adjustment to the benefits payable based upon that peace officer or fireman employment.
History: In effect before 10/21/83, Register 93
Authority: AS 39.35.040
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Last modified 7/05/2006