Bill > SB81

This bill amends Alaska law to ensure that public employers contribute enough to cover the normal cost of pensions, an amount calculated to pay off past pension debt, and any required contributions for specific retirement plans, specifically referencing the Teachers' Retirement System and the Public Employees' Retirement System of Alaska. The "normal cost" refers to the estimated cost of pension benefits earned by employees in the current year, while "past service liability" represents the unfunded amount of pension benefits earned by employees for service rendered in previous years. This legislation aims to strengthen the financial health of these retirement systems by setting a minimum employer contribution rate.

Budget and Finance, Business and Industry

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