This bill amends existing laws regarding supplemental employee benefits for employers in the teachers' retirement system and the Public Employees' Retirement System of Alaska. It allows employers who do not participate in the federal social security system to become participating employers in the employee benefits program. Notably, it provides that employees who are members of the teachers' retirement system can opt out of participating in this benefits program. The bill also clarifies the definition of "participating employer" to include those who are defined under specific sections of the law and do not participate in the federal social security system.

Additionally, the bill removes previous conditions that required employers to either be eligible for membership in the federal social security system or have withdrawn from it to participate in the supplemental employee benefits program. The effective date for this legislation is set for July 1, 2025.

Statutes affected:
HB0038A, AM HB 38, introduced 01/17/2025: 39.30.170, 39.30.150, 39.30.180
HB0038B, AM SSHB 38, introduced 03/05/2025: 39.30.170, 39.30.150, 39.30.180