Bill > SB55

This bill amends Alaska law concerning employer contributions to retirement systems and supplemental employee benefits, specifically for employers not participating in the federal Social Security system. Starting July 1, 2029, new employers joining the system will have their employer and employee contributions to a supplemental annuity plan gradually increase from 1% in the first year up to 6.13% by the sixth year, with employees also having the option to contribute up to the 6.13% limit. Existing law requiring employers not in Social Security to participate in the supplemental annuity plan is modified to allow them to either join that plan or establish a different supplemental benefit program with a similar phased-in contribution structure, excluding the University of Alaska Board of Regents from certain definitions of "participating employer."