Governor Parnell has signed into law a bill to help pay off the state’s $12 billion public pension liability. Surrounded by scores of public employees on June 23, 2014, at the atrium of the State Office Building in Juneau, he signed House Bill 385, which calls for transferring $3 billion from the state constitutional budget reserve to the Alaska Public Employees Retirement System and the Teachers Retirement System.
The legislation sets up a 25-year payment schedule with annual payments that are expected to range from $350 million to $500 million.
HB 385 shows a strong commitment to teachers, public employees, retirees, beneficiaries, and dependents – nearly 120,000 people. It also assures that our credit rating stays strong as we embark on bold ventures such as building an Alaska natural gas project.
It was an honor to carry the bill for the governor on the House side. Its passage would not have been possible without the help of Juneau residents Sam Trivette and Tom Brice, both members of the Alaska Retirement Management Board, and retired Department of Revenue Deputy Commissioner Tom Boutin who has advised me on this issue since 2008.
Happy day: Cathy, Gov. Parnell, and a newly signed HB 385.