Section 26.05.228. Accounting and investment.

   (a) The commissioner of administration shall establish a military retirement trust fund for the system in which the assets of the system are deposited and held. The commissioner shall maintain accounts and records for the system.
   (b) All income of the fund and all disbursements made by the fund shall be credited or charged, whichever is appropriate, to the following accounts:
        (1) an individual account for each retired member of the system that records the benefits paid under this system to the member or surviving beneficiary;
        (2) a separate account for the Department of Military and Veterans' Affairs' contribution to fund the system based on the actuarial requirements of the system as established by the commissioner of administration under AS 26.05.222 - 26.05.229;
        (3) an expense account for the system; this account is charged with all disbursements representing administrative expenses incurred by the system; expenditures from this account are included in the governor's budget for each fiscal year.
   (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 fund as are provided under AS 37.10.220.

Notes

Recent Bills that will modify this

HB 121 CODE OF MILITARY JUSTICE; APPEALS
HB 126 CODE OF MILITARY JUSTICE; APPEALS
SB 59 CODE OF MILITARY JUSTICE; APPEALS
SB 110 CODE OF MILITARY JUSTICE; APPEALS

History

(Sec. 36 ch 137 SLA 1982; E.O. No. 58, Sec. 7 (1984); am Sec. 12 ch 82 SLA 1986; am Sec. 16, 17 ch 141 SLA 1988; am Sec. 7 ch 31 SLA 1992; am Sec. 53 ch 9 FSSLA 2005; am Sec. 3 ch 55 SLA 2016)