An Act relating to participation of certain peace officers in the defined benefit and defined contribution plans of the Public Employees' Retirement System of Alaska; and providing for an effective date.

HB 108 allows Alaska state troopers hired after June 30, 2006, who are currently enrolled in the defined contribution retirement plan (similar to a 401(k)) to switch to the defined benefit pension plan (guaranteed monthly payments after retirement) for a one-time election. Eligible troopers can make this change within 90 days of the bill's effective date, transferring their existing contributions to purchase retirement credits in the new plan. The bill requires administrators to provide written notice and financial comparisons before the election. This applies only to state troopers not previously in the defined benefit plan who meet service requirements.