(a) The board shall provide a range of investment options and permit a participant to exercise investment control over the participant's assets in the member's individual account as provided in this section. If a participant exercises control over the assets in the individual account, the participant is not considered a fiduciary for any reason on the basis of exercising that control.
(b) A participant may direct investment of plan funds held in an account among available investment funds in accordance with rules established by the board.
(c) A participant may elect to change or transfer all or a portion of the participant's existing account balance among available investment funds not more often than once each day in accordance with the rules established by the administrator. Only the last election received by the administrator before the transmittal of contributions to the trust fund for allocation to the individual account shall be used to direct the investment of the contributions received.
(d) Except to the extent clearly set out in the terms of the investment plans offered by the employer to the employee, the employer is not liable to the participant for investment losses if the prudent investment standard has been met.
(e) The employer, administrator, state, board, or a person or entity who is otherwise a fiduciary is not liable by reason for any participant's investment loss that results from the participant's directing the investment of plan assets allocated to the participant's account.
(f) To the extent that a member's individual account has been divided as provided in a qualified domestic relations order between participants, each participant shall be treated as the holder of a separate individual account for purposes of investment yields, decisions, transfers, and time limitations imposed by this section.
Structure Alaska Statutes
Title 39. Public Officers and Employees
Chapter 35. Public Employees' Retirement System of Alaska
Article 10. Employees First Hired on or after July 1, 2006.
Sec. 39.35.700. Applicability of AS 39.35.700 - 39.35.990.
Sec. 39.35.725. Participation of elected officials of political subdivisions.
Sec. 39.35.730. Contributions by members.
Sec. 39.35.740. Employment contributions mandatory.
Sec. 39.35.750. Contributions by employers.
Sec. 39.35.760. Rollover contributions and distributions.
Sec. 39.35.770. Transmittal of contributions; claims against funds of an employer.
Sec. 39.35.780. Limitations on contributions and benefits.
Sec. 39.35.800. Investment of individual accounts.
Sec. 39.35.810. Distribution election at termination.
Sec. 39.35.820. Forms of distribution.
Sec. 39.35.830. Manner of electing distributions.
Sec. 39.35.840. Distribution requirements.
Sec. 39.35.850. Designation of beneficiary.
Sec. 39.35.860. Rights under qualified domestic relations order.
Sec. 39.35.870. Eligibility for retirement and medical benefits.
Sec. 39.35.880. Medical benefits.
Sec. 39.35.890. Occupational disability benefits and reemployment of disabled employees.
Sec. 39.35.892. Occupational death benefit.
Sec. 39.35.893. Survivor's pension adjustment.
Sec. 39.35.895. Amendment and termination of plan.
Sec. 39.35.900. Exclusive benefit.
Sec. 39.35.910. Nonguarantee of returns, rates, or benefit amounts.
Sec. 39.35.920. Nonguarantee of employment.
Sec. 39.35.932. Pension forfeiture.
Sec. 39.35.950. Request by political subdivision to participate and adoption of resolution.
Sec. 39.35.955. Request by public organization to participate and adoption of resolution.
Sec. 39.35.956. Contractors and employees of contractors excluded from plan.
Sec. 39.35.958. Termination of participation in the plan.
Sec. 39.35.960. Membership in teachers' and public employees' retirement systems.
Sec. 39.35.965. Army and air national guard employees.
Sec. 39.35.970. North Pacific Fishery Management Council employees.
Sec. 39.35.972. Special rules for treatment of qualified military service.