An Act relating to the Public Employees' Retirement System of Alaska and the teachers' retirement system; providing certain employees an opportunity to choose between the defined benefit and defined contribution plans of the Public Employees' Retirement System of Alaska and the teachers' retirement system; and providing for an effective date.

SB 28 allows certain teachers and public employees in Alaska to choose between the traditional defined benefit retirement plan (a guaranteed pension) and a defined contribution plan (similar to a 401(k)) under the state's retirement systems. It specifically applies to teachers who joined after June 30, 2006, but before July 1, 2025, or those who previously elected into the defined contribution plan. To switch, employees must provide written notice to administrators and ensure employer/employee contributions are adjusted to match the defined benefit plan requirements. The bill takes effect on July 1, 2025, with provisions detailing how contributions and service credit would be handled.