This bill amends existing laws regarding supplemental employee benefits in Alaska, specifically focusing on contributions to employee annuity accounts for those in the public employees' retirement system and the teachers' retirement system. It establishes that participating employers in these systems must contribute an amount equal to 6.13 percent of employee wages up to the taxable wage base in the social security system. The bill introduces new subsections detailing the contribution structure for both employers and employees in the teachers' retirement system, specifying a phased reduction in the department's contribution from 100 percent to 33 and one-third percent over several fiscal years.

Additionally, the bill modifies the definition of "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 also clarifies the conditions under which an employer can become a participating employer in the employee benefits program. The effective date for these changes 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