Section 39.35.957. Designation of eligible employees, agreement to contribute, and amendment of participation.

   (a) A political subdivision or public organization participating in the defined contribution retirement plan under AS 39.35.700 - 39.35.990 shall designate the departments, groups, or other classifications of employees eligible to participate in the plan and, by participating, shall legally be presumed to have agreed to make contributions each year in the amounts required for members of the plan under AS 39.35.750.
   (b) If the employer does not participate in the defined benefit retirement plan under AS 39.35.095 - 39.35.680, an employee who is eligible under (a) of this section and who is a member of the defined benefit retirement plan under AS 39.35.095 - 39.35.680 does not accrue credited service or make contributions under that defined benefit retirement plan, but shall be a member of the defined contribution retirement plan under AS 39.35.700 - 39.35.990 and make contributions under that plan.
   (c) An employer may request to amend its participation in the plan to add or exclude departments, groups, or other classifications of employees by filing a resolution as provided by AS 39.35.950 or 39.35.955 with the administrator.

Authorities

39.35.725;39.35.958

Notes

Recent Bills that will modify this

HB 280 TEACHERS & PUB EMPLOYEE RETIREMENT PLANS
SB 88 TEACHERS & PUB EMPLOYEE RETIREMENT PLANS

Implemented As

2 AAC 35.235

References

AS 39.35.725 Participation of elected officials of political subdivisions.
AS 39.35.958 Termination of participation in the plan.

History

(Sec. 108 ch 20 SLA 2007)