An employee with an indebtedness to the defined benefit plan of the Public Employees' Retirement System (AS 39.35.095 - 39.35.680) who wishes to pay off the balance of that indebtedness, including accrued interest, must pay off the balance before the employees' retirement benefit begins. Once the employee is appointed to retirement, the application of a lifetime actuarial reduction to the employee's benefits based upon any indebtedness balance known to exist before the appointment may not be changed. Any indebtedness payments received after the employee has been appointed to a retirement benefit will be refunded to the employee.

(Eff. 7/20/2006, Register 179)

Authority: AS 39.35.003, AS 39.35.340, AS 39.35.345, AS 39.35.330, AS 39.35.342, AS 39.35.360