A bill to revive Alaska's public pension system, previously eliminated in 2006, has been reintroduced, signaling a potential clash in the upcoming legislative session. The bill, filed by Sen. Cathy Giessel, proposes a modified system and aims to address concerns about Alaska's hiring disadvantages compared to other states with public pensions. However, the bill faces challenges due to the state's past experience with its defunct pension system, which resulted in a multibillion-dollar unfunded liability.
A bill aiming to restore Alaska's public pension system, which was eliminated in 2006, has been reintroduced in the state Senate, signaling a potential battleground for the upcoming legislative session. The bill, filed by Sen. Cathy Giessel, R-Anchorage, proposes a modified version of the previous system. Its early introduction highlights the significance of pensions, alongside education and Cook Inlet natural gas pricing, as key issues expected to dominate the 34th Alaska State Legislature.
Alaska's legislative process is notoriously challenging, with a low passage rate for proposed bills. In the 33rd Legislature, only 13.4% of the 665 introduced bills became law. This year, with the first round of prefiled bills released last week, the focus is sharpening on key issues like pensions. A second wave of prefiled bills is anticipated on January 17th. The reintroduced pension bill faces several hurdles. While the bill enjoys support from key senators and a potential shift in the House majority towards a more pension-friendly coalition, the state's history with its defunct pension system, burdened by a multibillion-dollar unfunded liability, casts a long shadow. Opponents point to the past system's failures and express concerns about repeating those mistakes. However, proponents argue that the revised bill addresses past shortcomings by reducing healthcare benefits and increasing employee contributions, with a mechanism to further increase contributions if an unfunded gap emerges. Despite these changes, the bill faces an uphill battle for passage
ALASKA LEGISLATURE PENSION SYSTEM PUBLIC EMPLOYEES SEN. CATHY GIESSEL STATE FINANCES
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