Parnell introduces pension plan
Gov. Sean Parnell has outlined his plan for addressing Alaska's nearly $12 billion unfunded pension obligation in bill form.
HB385 was introduced Thursday afternoon.
The bill calls for moving $3 billion from the constitutional budget reserve toward addressing the public employees' and teachers' retirement systems. It would put about $1.9 billion toward the public employees' system and the rest toward the teachers' system. It calls for annual appropriations of $500 million, divided between the two.
The bill also would allow the state to request additional funds through appropriation to cover the annual contribution amount if an actuarial analysis determined that was needed.
While Parnell initially proposed his plan as a budget item, his spokeswoman said members of the House majority indicated they would be more comfortable having a bill introduced.