Section 2 AAC 36.220 - Calculation of post-retirement pension adjustments(a) For the purposes of the version of AS 14.25.143 in effect before July 1, 1990, the change in the cost of living shall be determined by using the Consumer Price Index (CPI) for Urban Wage Earners and Clerical Workers issued for Anchorage, Alaska. The most recent available CPI issued after the effective date of the member's appointment to receive benefits shall be used as the basis for determining the increase in the cost of living for that member.(b) For the purposes of the version of AS 14.25.143(b)(2) in effect before July 1, 1990, the amount of the PRPA will not exceed four percent compounded for each full year in which benefits have been received, and a proportionately reduced percentage for each partial year, depending on the number of months in which benefits have been received.(c) A retired employee who first joined the system prior to July 1, 1990 and who is eligible for a PRPA under AS 14.25.143 will receive either the PRPA calculated under the current version of AS 14.25.143 or the adjustment calculated under the version of AS 14.25.143 in effect before July 1,1990, whichever is greater.In effect before 10/21/83, Register 93; am 1/7/2001, Register 159; am 3/18/2004, Register 172; readopt 7/20/2006, Register 179Effective 7/20/2006, Register 179, the Department of Administration readopted 2 AAC 36.220, without change, to affirm the validity of that section following statutory amendments made in ch. 9, FSSLA 2005. Chapter 9, FSSLA 2005 eliminated the Teachers' Retirement Board, and largely transferred the board's authority to adopt regulations in 2 AAC 36 to the commissioner of administration.
Even though the adoption of 2 AAC 36.220(c) was effective 3/18/2004, it was not published until Register 172, January 2005.
Authority:AS 14.25.003
AS 14.25.143