(a) A defined benefit retirement plan for employees of the state, political subdivisions, and public organizations is created. The plan becomes effective January 1, 1961, at which time contributions by the employers and members begin.

Terms Used In Alaska Statutes 39.35.115

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • 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) The retirement plan established by Alaska Stat. § 39.35.095 – 39.35.680 is intended to qualify under 26 U.S.C. § 401(a) and 414(d) (Internal Revenue Code) as a qualified retirement plan established and maintained by the state for its employees and for the employees of political subdivisions, public corporations, and public organizations of the state, and for the employees of other employers whose participation is authorized by Alaska Stat. § 39.35.095 – 39.35.680 and who participate in this plan.
(c) An amendment to Alaska Stat. § 39.35.095 – 39.35.680 does not provide a person with a vested right to a benefit if the Internal Revenue Service determines that the amendment will result in disqualification of the plan under the Internal Revenue Code.
(d) The retirement plan established by Alaska Stat. § 39.35.095 – 39.35.680 is a joint contributory plan.
(e) If, upon termination of the plan, all liabilities are satisfied, any excess assets shall be deposited in the general fund, subject to the approval of the termination by the Internal Revenue Service.
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