(a) A defined contribution retirement plan is established for employees of the state or a political subdivision or public organization of the state.
Terms Used In Alaska Statutes 39.35.710
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.
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 defined contribution retirement plan is a plan in which savings are accumulated in an individual retirement account for the exclusive benefit of the member or beneficiaries. The plan is established effective July 1, 2006, at which time contributions by employers and members begin.(c) The retirement plan established by Alaska Stat. § 39.35.700 – 39.35.990 is intended to qualify under 26 U.S.C. § 401(a), 414(d), and 414(k) (Internal Revenue Code) as a qualified retirement plan established and maintained by the state for its employees, 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. § 39.35.700 – 39.35.990 and who participate in the plan set out in Alaska Stat. § 39.35.700 – 39.35.990. Benefits under Alaska Stat. § 39.35.880 are not provided by the defined contribution retirement plan.(d) An amendment to Alaska Stat. § 39.35.700 – 39.35.990 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.
