This bill amends the employer contribution rates for the teachers' retirement system and the Public Employees' Retirement System of Alaska. Specifically, it establishes that the annual employer contribution rate must be sufficient to cover three key components: (1) the employer's normal cost, (2) an amount calculated at the rate certified under AS 37.10.220(a)(8) for liquidating past service liability of the plan, and (3) the employer contributions required under AS 14.25.350 and AS 39.30.370 for the teachers' retirement system, as well as AS 39.30.370 and AS 39.35.750 for the Public Employees' Retirement System.

The bill aims to ensure that employer contributions are adequate to meet the financial obligations of the retirement systems, thereby enhancing their sustainability. It is set to take effect immediately upon enactment, reflecting the urgency of addressing the funding requirements for these retirement systems.

Statutes affected:
SB0081A, AM SB 81, introduced 01/31/2025: 14.25.070, 37.10.220, 14.25.350, 39.30.370, 39.35.255