This bill amends existing laws regarding supplemental employee benefits in Alaska, specifically focusing on contributions to the employee annuity accounts for those in the public employees' retirement system and the teachers' retirement system. It establishes that participating employers in these retirement systems must contribute an amount equal to 6.13 percent of employee wages up to the taxable wage base in the federal social security system. Additionally, the bill outlines a phased contribution schedule from the department for the teachers' retirement system, where the department will cover 100 percent of the contribution for fiscal years 2027-2029, decreasing to 66 and two-thirds percent for 2030-2033, and finally to 33 and one-third percent for 2034-2037.

The bill also clarifies the definition of a "participating employer" to include those in either the teachers' or public employees' retirement systems that do not participate in the federal social security system. It removes previous conditions for becoming a participating employer and simplifies the criteria for eligibility. The effective date for this act is set for July 1, 2026.

Statutes affected:
SB0055A, AM SB 55, introduced 01/22/2025: 14.25.070, 14.20.136, 14.25.173, 14.25.350, 39.30.170, 39.30.150, 39.30.180
SB0055B, AM CSSB 55(L&C), introduced 03/26/2025: 39.30.150, U.S.C, 39.30.180, 39.30.170