CSHB 47(CRA): "An Act requiring certain municipalities with a population that decreased by more than 25 percent between 2000 and 2010 that participate in the defined benefit retirement plan of the Public Employees' Retirement System of Alaska to contribute to the system an amount calculated by applying a rate of 22 percent of the total of all base salaries paid by the municipality to employees of the municipality who are active members of the system during a payroll period; reducing the rate of interest payable by certain municipalities that are delinquent in transmitting employee and employer contributions to the defined benefit retirement plan of the Public Employees' Retirement System of Alaska; giving retrospective effect to the substantive provisions of the Act; and providing for an effective date."
00 CS FOR HOUSE BILL NO. 47(CRA) 01 "An Act requiring certain municipalities with a population that decreased by more than 02 25 percent between 2000 and 2010 that participate in the defined benefit retirement plan 03 of the Public Employees' Retirement System of Alaska to contribute to the system an 04 amount calculated by applying a rate of 22 percent of the total of all base salaries paid 05 by the municipality to employees of the municipality who are active members of the 06 system during a payroll period; reducing the rate of interest payable by certain 07 municipalities that are delinquent in transmitting employee and employer contributions 08 to the defined benefit retirement plan of the Public Employees' Retirement System of 09 Alaska; giving retrospective effect to the substantive provisions of the Act; and 10 providing for an effective date." 11 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 12 * Section 1. AS 39.35.255(a) is amended to read:
01 (a) Each employer shall contribute to the system every payroll period an 02 amount calculated by applying a rate of 22 percent of the greater of the total of all base 03 salaries 04 (1) paid by the employer to employees who are active members of the 05 system, including any adjustments to contributions required by AS 39.35.520; or 06 (2) paid by the employer to employees who were active members of 07 the system during the corresponding payroll period for the fiscal year ending 08 (A) June 30, 2008; or 09 (B) June 30, 2012, if that total is less than the total under 10 (A) of this paragraph, and the employer is a municipality in which the 11 population decreased by more than 25 percent between 2000 and 2010, 12 according to the decennial census conducted by the United States Bureau 13 of the Census. 14 * Sec. 2. AS 39.35.610(a) is amended to read: 15 (a) The contributions of an employer and the contributions of its employees 16 shall be transmitted to the administrator as soon as practicable after the close of the 17 payroll period for which the contributions are made. If an employer is delinquent in 18 transferring the contributions for more than 15 days, interest shall be assessed on the 19 outstanding contributions at [ONE AND ONE-HALF TIMES] the most recent 20 actuarially determined rate of earnings for the retirement plan from the date that the 21 contributions were originally due or, if the contributions of the employer are an 22 amount calculated under AS 35.35.255(a)(1), at one and one-half times that rate 23 of earnings. 24 * Sec. 3. The uncodified law of the State of Alaska is amended by adding a new section to 25 read: 26 RETROACTIVITY. Sections 1 and 2 of this Act are retroactive to July 1, 2009. 27 * Sec. 4. This Act takes effect immediately under AS 01.10.070(c).