PERS/TRS Extension Hearing
24 April 2006On Tuesday, April 25, 2006, the Senate State Affairs Committee will hear Senate Bill 293. SB 293 delays the effective date of Senate Bill 141 until July 1, 2008. SB 141 is currently set to take effect on July 1, 2006.
SB 141 made significant changes to the Public Employees Retirement System and Teachers Retirement System (PERS/TRS). The current defined benefit (pension) plan will be replaced with a defined contribution plan, much like a 401(k). Since Alaskan public employees do not have Social Security, they will be the most vulnerable public employees in the United States. SB 141 was reportedly pushed through the Legislature at the last minute in the 2005 session. There was apparently no open debate and no research indicating that this would be beneficial to Alaskans.
While SB 293 does not fix SB 141, it does provide more time for research, debate, and reconsideration of the changes that SB 141 will make.
The hearing will be held on Tuesday, April 25, 2006 at 3:30 pm in Senate State Affairs. This hearing will be teleconferenced. Contact the Anchorage LIO for more information.
-kt