Bill > SB81

This bill amends two sections of Alaska state law related to employer contribution rates for public employee retirement systems, specifically the Teachers' Retirement System and the Public Employees' Retirement System. The bill requires employers to make annual contributions that are not less than the rate needed to cover three key components: (1) the employer normal cost (the annual cost of future retirement benefits earned by employees in the current year), (2) an amount calculated at a rate certified by the state for liquidating past service liability (addressing historical pension funding gaps), and (3) specific employer contributions mandated by other referenced statutes. By explicitly listing these three components, the bill aims to ensure that public employer pension contributions are sufficient to meet current and long-term financial obligations of the retirement systems. The changes are technical in nature and designed to provide clarity and potentially improve the financial sustainability of these public employee retirement plans. The act is set to take effect immediately upon passage, as specified in Alaska state law.

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https://www.akleg.gov/basis/Bill/Detail/34?Root=SB81