Section 2 AAC 37.040 - Normal retirement benefit nonforfeitable(a) For purposes of compliance with the Internal Revenue Code 401(a)(7), the normal retirement benefit calculated under AS 22.25.010 and AS 22.25.012, is nonforfeitable upon attainment of normal retirement age.(b) Notwithstanding (a) of this section, a normal retirement benefit is subject to the applicable provisions of AS 22.25, including AS 22.25.800.(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 age 60 with the completion of at least five years of service, whichever is later.Eff. 1/12/2013, Register 205Authority:AS 22.25.020
AS 22.25.025
AS 22.25.027
AS 14.25.800