The bill amends existing laws regarding employer contribution rates in 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 based on a certified rate for liquidating past service liability, and (3) the employer contributions required under specified sections of the law. These amendments are made to AS 14.25.070(d) and AS 39.35.255(d).

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, as indicated in Section 3 of the bill.

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