00                SPONSOR SUBSTITUTE FOR SENATE BILL NO. 200                                                              
01 "An Act relating to employer contributions in the teachers' retirement system; relating                                 
02 to supplemental employee benefits; and providing for an effective date."                                                
03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
04    * Section 1. AS 14.25.070(a) is amended to read:                                                                 
05 (a)  Each employer shall contribute to the system every payroll period an                                               
06 amount calculated by applying a rate of 14.56 [12.56] percent to the total of all base                              
07 salaries paid by the employer to active members of the system and to members who                                        
08 are retired from the plan and reemployed under AS 14.20.136, including any                                              
09       adjustments to contributions required by AS 14.25.173(a).                                                         
10    * Sec. 2. AS 14.25.350(a) is amended to read:                                                                      
11            (a)  An employer shall contribute to each member's individual account an                                     
12       amount equal to nine [SEVEN] percent of the member's compensation from July 1 to                              
13       the following June 30.                                                                                            
14    * Sec. 3. AS 39.30.170 is repealed and reenacted to read:                                                          

01            Sec. 39.30.170. Participation in program. An employer shall become a                                       
02       participating employer in the employee benefits program under AS 39.30.150 -                                      
03       39.30.180, if the employer                                                                                        
04                 (1)  is an employer in the teachers' retirement system (AS 14.25) or the                                
05       public employees' retirement system (AS 39.35); and                                                               
06                 (2)  does not participate in the federal social security system.                                        
07    * Sec. 4. AS 39.30.180(3) is amended to read:                                                                      
08                 (3)  "participating employer" means                                                                     
09                      (A)  the State of Alaska; [AND]                                                                    
10                      (B)  an employer who                                                                           
11                           (i)  [WHO] is an employer as defined in AS 14.25.220                                      
12                 or AS 39.35.680; and                                                                            
13                           (ii)  does not participate [WHO HAS NEVER                                                 
14                 PARTICIPATED IN OR HAS WITHDRAWN FROM                                                                   
15                 PARTICIPATION] in the federal social security system [; AND                                             
16                           (iii)  WHOSE PARTICIPATION IN THE                                                             
17                 SUPPLEMENTAL EMPLOYEE BENEFIT PROGRAM HAS BEEN                                                          
18                 APPROVED BY THE COMMISSIONER].                                                                          
19    * Sec. 5. This Act takes effect July 1, 2024.