1. (a) In a disclosure statement required by AS 24.60.200 or AS 39.50.020, a legislative branch filer, public official, or candidate shall report any source of income earned but deferred for payment after the end of the reporting period.
2. (b) Income reported as deferred when earned must also be reported as income in the year the money or item of value is received.
3. (c) This section does not apply to earned income that a legislative branch filer, public official, candidate, or family member of the legislative branch filer, public official, or candidate voluntarily elects to defer into a tax-advantaged retirement savings plan, including a plan under 26 U.S.C. 401(k), a plan under 26 U.S.C. 403(b), an individual retirement account under 26 U.S.C. 408 (IRA), and a deferred compensation plan under 26 U.S.C. 457 of a state or local government or tax-exempt organization. An interest in a tax-advantaged retirement plan must be reported as a beneficial interest under AS 39.50.030(b)(4) and 2 AAC 50.712.

(Eff. 12/22/2011, Register 200)

Authority: AS 15.13.030, AS 24.60.220, AS 39.50.030, AS 24.60.200, AS 39.50.020, AS 39.50.050