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2008 Legislation

The Second Session of the 25th Alaska Legislature convened January 15, 2008 and ended April 13, 2008. This was the first session mandated to last just 90 days under legislation passed by voters in 2006 reducing legislative sessions from 120 days to 90 days. The bills listed below were introduced in the 1st Session and carried over to the 2nd Session. Bills that passed both the House and Senate are noted accordingly.

2008 Legislation
Bill Status Summary
HB 12 - Full funding of PERS/TRS in seven years In House (H.) State Affairs since January 2007. Requires payoff in seven years of all TRS liability and state’s share of PERS liability.
HB 13 (passed) - Pension Obligation Bonds Signed into law on 5/22/08. Authorizes government employers to issue pension obligation bonds to help reduce unfunded liability.
HB 48 - Purchase of transferable PPT tax credits Passed House 3/29/07, and referred to Senate Finance. Authorizes ARMB to purchase transferable tax credit certificates at 92% of face value and sell them to Dept. of Revenue for full value, using proceeds to reduce PERS/TRS unfunded liability.
HB 97/SB 52 - State aid to PERS/TRS school district employers In House Finance since 2/22/07, and Senate Finance since 1/19/07. Appropriates funds to reduce PERS & TRS school district employer costs due to increased employer contribution rates.
HB 129 - Past service cost offset account In House State Affairs since mid-February 2007. Establishes an account to aid PERS employers, other than the state, pay for annual past service contributions.
HB 139/SB 83 - Supplemental appropriations for tax consulting/potential litigation In House and Senate Finance since mid-February 2007. Appropriates funds to the division for tax consulting services and an investigation relating to potential litigation on behalf of the PERS & TRS.
HB 179 - Cost-share plan to eliminate unfunded liability Referred to H. Finance 4/04/2007. Obligates the state to pay 80% of unfunded liability, other employers 20%, and raises contribution rates for active employees by 5% above current levels.
HB 310 (passed) - Appropriations for Operating Budget /Loans/Funds Signed into law on 5/22/08. Sec. 13 (a) and (b) appropriates funds for employer relief to the PERS & TRS retirement system accounts.
SB 125 (passed) - PERS cost-share Passed Senate 5/04/07, and House 5/12/07. Signed into law 4/08/08. Creates cost-share plan for PERS (like TRS) that has same contribution rate for all participating employers.
SB 183 - Repeal Defined Contribution Retirement Plan Referred to Senate Finance 3/31/08. Repeals the defined contribution retirement plan for teachers and public employees.
SB 221 (passed) - Capital, supplemental, and other appropriations Signed into law on 5/22/08. Sec. 68 (a) and (b) provides funding for payment of the unfunded liability in the JRS and NGNMRS.
SB 256 (passed) - Supplemental, capital, and other appropriations and reappropriations Signed into law on 4/04/08. Sec. 32 provides refunds to PERS employers that had overpaid their unfunded liability to the system, and provides funds to help offset the uniform contribution rate of 22 percent.