2 AAC 35.137 - Normal retirement benefit nonforfeitable
(a) For purposes of
compliance with the Internal Revenue Code 401(a)(7), the normal retirement
benefit calculated under
AS
39.35.870 is nonforfeitable upon attainment
of normal retirement age.
(b)
Notwithstanding (a) of this section, a normal retirement benefit is subject to
the provisions of AS 39.35, including
AS
39.35.932.
(c) In the event of a full or partial
termination of, or a complete discontinuance of employer contributions to the
plan, the accrued benefits of the affected members under the plan are 100
percent vested and nonforfeitable to the extent funded and required by federal
law.
(d) This section may not be
construed as a reduction or limitation of rights previously existing, or as an
indication that vested benefits would be forfeitable before the stated age is
attained.
(e) In this section,
"normal retirement age" means the age set for Medicare eligibility at the time
the member retires, with the completion of at least 10 years of service,
whichever is later.
Notes
Authority:AS 39.35.003
AS 39.35.005
AS 39.35.710
AS 39.35.870
AS 39.35.932
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