(a) For the
purposes of the version of
AS
14.25.143 in effect before July 1, 1990, the
change in the cost of living shall be determined by using the Consumer Price
Index (CPI) for Urban Wage Earners and Clerical Workers issued for Anchorage,
Alaska. The most recent available CPI issued after the effective date of the
member's appointment to receive benefits shall be used as the basis for
determining the increase in the cost of living for that member.
(b) For the purposes of the version of
AS
14.25.143(b)(2) in effect
before July 1, 1990, the amount of the PRPA will not exceed four percent
compounded for each full year in which benefits have been received, and a
proportionately reduced percentage for each partial year, depending on the
number of months in which benefits have been received.
(c) A retired employee who first joined the
system prior to July 1, 1990 and who is eligible for a PRPA under
AS
14.25.143 will receive either the PRPA
calculated under the current version of
AS
14.25.143 or the adjustment calculated under
the version of
AS
14.25.143 in effect before July 1,1990,
whichever is greater.
Notes
2 AAC 36.220
In effect before
10/21/83, Register 93; am 1/7/2001, Register 159; am 3/18/2004, Register 172;
readopt 7/20/2006, Register 179
Effective 7/20/2006, Register 179, the Department of
Administration readopted
2 AAC 36.220, without change, to affirm the validity of
that section following statutory amendments made in ch. 9, FSSLA 2005. Chapter
9, FSSLA 2005 eliminated the Teachers' Retirement Board, and largely
transferred the board's authority to adopt regulations in 2 AAC 36 to the
commissioner of administration.
Even though the adoption of
2 AAC 36.220(c) was effective
3/18/2004, it was not published until Register 172, January
2005.
Authority:AS
14.25.003
AS
14.25.143
