Section 2 AAC 36.097 - Normal retirement benefit nonforfeitable(a) For purposes of compliance with the Internal Revenue Code 401(a)(7), the normal retirement benefit calculated under AS 14.25.110 is nonforfeitable upon attainment of normal retirement age.(b) Notwithstanding (a) of this section, a normal retirement benefit is subject to the provisions of AS 14.25, including AS 14.25.205 and 14.25.212.(c) In the event of a full or partial termination of, or a complete discontinuance of employer contributions to the plan, the accrued benefits of the affected members under the plan are 100 percent vested and nonforfeitable to the extent funded and required by federal law.(d) This section may not be construed as a reduction or limitation of rights previously existing, or as an indication that vested benefits would be forfeitable before the stated age is attained.(e) In this section, "normal retirement age" means(1) for a person hired on or after July 1, 1990, age 60 with the completion of at least eight years of service, whichever is later;(2) for a person hired before July 1, 1990, age 55 with the completion of at least eight years of service, whichever is later.Eff. 1/12/2013, Register 205Authority:AS 14.25.003
AS 14.25.004
AS 14.25.005
AS 14.25.010
AS 14.25.110
AS 14.25.205
AS 14.25.212