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New approach to pension obligation passed by Alaska Senate

By Associated Press 3:30 PM April 19, 2014
JUNEAU –

The Alaska Senate unanimously passed legislation setting out a new approach for addressing the state’s pension obligation.

The vote came a few hours after the bill advanced from committee.

The Senate rewrite of HB385 calls for putting $2 billion from savings toward the teachers’ retirement system and $1 billion toward the public employees’ system.

It’s an alternative to Gov. Sean Parnell’s plan, which called for divvying the $3 billion differently. Parnell’s plan, which passed the House, called for $500 million annual payments between the two systems after the cash infusion. The plan endorsed by the Senate starts with lower payments.

Revenue commissioner Angela Rodell told the Senate Finance Committee earlier Saturday that its approach would work well.

The House will have to decide whether to agree to the Senate approach.

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