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(a) The prescribed rate of interest to be credited to each member's account in the elected public officers retirement system is four and one-half percent. One-half of this prescribed rate is credited to each member's account semiannually on June 30 and December 31 of each year. This rate of interest is effective January 1, 1976.
(b) The prescribed rate of interest that accrues on any indebtedness owed to the elected public officers retirement system (AS 39.37) is seven percent compounded semiannually on June 30 and December 31 of each year.
(c) Interest shall be charged on amounts owed to the elected public officers retirement system by a member, survivor, or beneficiary if the amount owed is the result of erroneous information supplied by the member, survivor, or beneficiary, or if the member, survivor, or beneficiary had reasonable grounds to believe that the amount of the benefit was in error. Interest accrues from the date on which the correct payment was due and continues until an actuarial adjustment to the benefit is effective or the amount owed is paid.
(d) The prescribed rate of interest that accrues on an amount owed by the elected public officers retirement system to a member, survivor, or beneficiary of the system is seven percent compounded semiannually on June 30 and December 31 of each year. Interest accrues from the date on which the correct payment was due and continues until an actuarial adjustment to the benefit is effective or the amount owed is paid.
History: In effect before 1/8/85, Register 93; am 11/28/86, Register 108
Authority: AS 39.37.090
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Last modified 7/05/2006