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(a) The administrator shall establish the supplemental annuity trust fund as a separate trust fund of the supplemental benefits system. The assets of the individual employee annuity accounts must be deposited and held in the fund for the exclusive benefit of the participating employees or their beneficiaries.
(b) The Alaska Retirement Management Board will adopt a written statement of goals and objectives for the supplemental annuity trust fund. The statement will include specific investment performance objectives and the time period over which they are to be realized. The statement will be reviewed and modified as necessary, and at least annually.
(c) The administrator shall contract with an independent firm of certified public accountants to conduct an annual audit of the system, its accounts, and the supplemental annuity trust fund.
(d) If contributions are posted to an individual's annuity account after the commencement date of an annuity benefit and if the contributions do not result from the individual's employment subsequent to the commencement date, the administrator shall refund the contributions to the individual in a lump sum.
(e) Investment income will be posted monthly to the individual annuity accounts. Investment income will continue to be posted to the expected date of initiation of payment.
(f) The supplemental benefits system will not initiate payment on an individual annuity account balance of less than $5.
History: In effect before 11/7/85, Register 99; am 11/16/90, Register 118; am 5/3/91, Register 118; em am 5/3/91 - 10/28/91, Register 118
Authority: AS 39.30.155
Editor's note: As of Register 175 (October 2005), changes were made to 2 AAC 37.180 by the regulations attorney to recognize the establishment of the Alaska Retirement Management Board to replace the Alaska State Pension Investment Board, the Alaska Teachers' Retirement Board, and the Public Employees' Retirement Board. The changes were made by the regulations attorney in accordance with ch. 9, FSSLA 2005 and AS 44.62.125 (b)(6).
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Last modified 7/05/2006