Section 2 AAC 35.353 - Cost of claimed or converted service used for retirement eligibility(a) The cost for converting membership service for retirement eligibility under AS 39.35.370(g) and AS 39.35.370(h) is the difference between the present value of the benefits the employee receives after the conversion and the present value of the benefits that the employee would have received without the conversion credit.(b) The cost for claimed temporary service to be used for retirement eligibility as provided by AS 39.35.345(d) is the difference between the present value of the benefits that the employee receives after the conversion and the present value of the benefits the employee would have received without the conversion credit.Eff. 1/7/2001, Register 159; readopt 7/20/2006, Register 179Effective 7/20/2006, Register 179, the Department of Administration readopted 2 AAC 35.353, without change, to affirm the validity of that section following statutory amendments made in ch. 9, FSSLA 2005. Chapter 9, FSSLA 2005 eliminated the Public Employees' Retirement Board, and largely transferred the board's authority to adopt regulations in 2 AAC 35 to the commissioner of administration.
Authority:AS 39.35.003
AS 39.35.345
AS 39.35.370