The bill amends existing laws regarding supplemental employee benefits in Alaska, specifically focusing on contributions to retirement systems for public employees and teachers. It establishes that participating employers in the public employees' retirement system (AS 39.35) and the teachers' retirement system (AS 14.25) 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 plan 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 further to 33 and one-third percent for 2034-2037.

The bill also clarifies the definition of a "participating employer" to include those who do not participate in the federal social security system and specifies the eligibility criteria for employers wishing to join the employee benefits program. The effective date for the implementation of this act is set for July 1, 2026. Key insertions include the addition of specific retirement systems and the phased contribution structure, while deletions streamline the eligibility requirements for participating employers.

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