Section 39.35.790. Vesting.

   (a) A participating member is immediately and fully vested in that member's contributions and related earnings.
   (b) A member shall be fully vested in the employer contributions made on that member's behalf, and related earnings, after five years of service. A member is partially vested in the employer contributions made on that member's behalf, and the related earnings, in the ratio of
        (1) 25 percent with two years of service;
        (2) 50 percent with three years of service; and
        (3) 75 percent with four years of service.

Authorities

39.35.890;39.35.892;39.35.940;39.35.958

Notes

Implemented As

2 AAC 35.138
2 AAC 35.224

References

15 AAC 112.800
2 AAC 35.138
2 AAC 35.222
2 AAC 35.224
2 AAC 35.230
AS 39.35.890 Occupational disability benefits and reemployment of disabled employees.
AS 39.35.892 Occupational death benefit.
AS 39.35.940 Transfer into defined contribution plan by nonvested members of defined benefit plan.
AS 39.35.958 Termination of participation in the plan.

History

(Sec. 122 ch 9 FSSLA 2005)