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Title 2 . Administration
Chapter 35 . Public Information
Section 353. Cost of claimed or converted service used for retirement eligibility

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.

History: Eff. 1/7/2001, Register 159

Authority: AS 39.35.040

AS 39.35.042

AS 39.35.345

AS 39.35.370

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Last modified 7/05/2006