(a) The commissioner of administration shall establish a judicial retirement trust fund for the judicial retirement system in which the assets of the system are deposited and held. The trust fund is subject to the restrictions of (h) of this section. The commissioner shall maintain accounts and records for the system.
Terms Used In Alaska Statutes 22.25.048
Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
Fiduciary: A trustee, executor, or administrator.
Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
member: means an administrative director of the Alaska Court System who is eligible to participate in the system, a justice, or a judge. See Alaska Statutes 22.25.900
person: includes a corporation, company, partnership, firm, association, organization, business trust, or society, as well as a natural person. See Alaska Statutes 01.10.060
state: means the State of Alaska unless applied to the different parts of the United States and in the latter case it includes the District of Columbia and the territories. See Alaska Statutes 01.10.060
(b) All income of the judicial retirement fund and all disbursements made from the fund shall be credited or charged, whichever is appropriate, to the following accounts:
(1) an individual account that contains the mandatory contributions collected from a person under Alaska Stat. § 22.25.011;(2) an account that is credited with the contributions of the state court system;(3) a retirement reserve account; and(4) an expense account for the judicial retirement system that shall be credited with funds transferred from the account described in (2) of this subsection.(c) The Alaska Retirement Management Board is the fiduciary of the fund and has the same powers and duties under this section in regard to the judicial retirement trust fund as are provided in Alaska Stat. § 37.10.220.(d) Within one year following retirement, an amount actuarially determined as necessary to pay fully for the benefits to be received by a person under this chapter shall be transferred first from the individual account described in (b)(1) of this section and, after the individual contributions have been exhausted, then from the court system account described in (b)(2) of this section, into the retirement reserve account described in (b)(3) of this section.(e) The contributions of the court system to the retirement reserve account shall contain the actuarially determined amount necessary to fully fund the pension, death benefits, and other benefits paid under the judicial retirement system to a person under this chapter.(f) The investment income of the judicial retirement fund shall be allocated in proportion to the balances of assets first to the retired reserve account described in (b)(3) of this section and then to the account described in (b)(2) of this section.(g) The account described in (b)(4) of this section is charged with all disbursements representing the administrative expenses incurred by the judicial retirement system. Expenditures from this account shall be included in the budget of the governor for each fiscal year.(h) The corpus or income of the assets held in trust as required by the system may not be diverted to or used for other than the exclusive benefit of the members or their beneficiaries.(i) If the judicial retirement system is terminated,
(1) a member whose contributions have not been refunded, regardless of the member’s employment status at the date of the termination of the system, shall be considered fully vested in the member’s adjusted accrued retirement benefits as of the date of the termination of the system; and(2) if all liabilities are satisfied, any excess assets arising from erroneous actuarial computation shall revert to the employer.
