Section 2.36.095. Normal retirement benefit nonforfeitable.

	(a)  For purposes of compliance with the Internal Revenue Code _ 401(a)(7), the normal retirement benefit calculated under AS 14.25.470 is nonforfeitable upon attainment of normal retirement age.  
	(b)  Notwithstanding (a) of this section, a normal retirement benefit is subject to the provisions of AS 14.25,  including AS 14.25.532.  
	(c)  In the event of a full or partial termination of, or a complete discontinuance of employer contributions to the plan, the accrued benefits of the affected members under the plan shall be 100 percent vested and nonforfeitable to the extent funded and required by federal law.  
	(d)  This section may not be construed as a reduction or limitation of rights previously existing, or as an indication that vested benefits would be forfeitable before the stated age is attained.  
	(e)  In this section, "normal retirement age" means the age set for Medicare eligibility at the time the member retires, with the completion of at least 10 years of service, whichever is later.  

Authorities

14.25.003;14.25.004;14.25.005;14.25.320;14.25.440;14.25.532

Notes

Authority

AS 14.25.003 AS 14.25.004 AS 14.25.005 AS 14.25.320 AS 14.25.440 AS 14.25.532

History

Eff. 1/12/2013, Register 205