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2008 Alaska Attorney General Reports and Opinions 1 (2008)

handle is hein.sag/sagak0013 and id is 1 raw text is: TAT 7 AA KA: OSARAH PALIN, DEPARTMENT OF LAW P.O. Box 110300 Juneau, Alaska 99811-0300 Phone: (907) 465-3600 Fax: (907) 465-2075 March 25, 2008 The Honorable Sarah Palin Governor State of Alaska P.O. Box 110001 Juneau, Alaska 99811-0001 Re: FCCS SB 125 -- relating to the accounting and payment of contributions under the retirement plans of the Public Employees' Retirement System of Alaska and the Teachers' Retirement System, to calculations of contributions under those retirement plans, and to participation in, and termination of and amendments to participation in, the defined benefit plans of those systems; relating to recovery of an award of damages or other recovery by those systems; relating to employer contributions to the health reimbursement arrangement plan; relating to participation in the public employees' defined contribution plan by certain elected officials; and making conforming amendments Our file: 883-08-0014 Dear Governor Palin: At the request of your legislative office, we have reviewed FCCS SB 125, which makes the state's public employees' retirement system (PERS) a cost-sharing plan, amends PERS and teachers' retirement system (TRS) statutes to provide employers with contribution rate relief and certainty, and requires the state to make annual contributions to PERS and TRS to pay down the unfunded liability of the defined benefit plans of those systems. The bill was introduced at your request during the 2007 regular legislative session. As originally introduced, the bill would have affected only PERS defined benefit plan statutes, making amendments to change that plan into an employer cost share plan, with each non-state employer having the same contribution rate. The rate would not have been a fixed rate, but would have been actuarially determined annually to include the plan's normal cost rate and past service liability. The past service liability determined as of June 30, 2006, would have been