The bill amends various sections of Alaska's laws regarding employer contributions to the teachers' retirement system and supplemental employee benefits. Specifically, it increases the employer contribution rate from 12.56% to 14.56% of total base salaries for active and reemployed retired members. Additionally, the contribution to each member's individual account is raised from 7% to 9% of the member's compensation for the fiscal year.

Furthermore, the bill clarifies the criteria for employers wishing to participate in the employee benefits program, specifying that employers in either the teachers' retirement system or the public employees' retirement system that do not participate in the federal social security system can become participating employers. It also updates the definition of "participating employer" to include those who do not participate in the federal social security system and specifies the relevant sections of law that define employers. The bill is set to take effect on July 1, 2025.

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