Legislature(2015 - 2016)
2015-03-04 Senate Journal
Full Journal pdf2015-03-04 Senate Journal Page 0379 SB 67 SENATE BILL NO. 67 BY THE SENATE RULES COMMITTEE BY REQUEST OF THE GOVERNOR, entitled: "An Act establishing a Roth contribution program for the public employees' deferred compensation program; and providing for an effective date." was read the first time and referred to the State Affairs and Finance Committees. The following fiscal information was published today: Fiscal Note No. 1, zero, Department of Administration Governor's transmittal letter dated March 3: Dear President Meyer: Under the authority of Article III, Section 18 of the Alaska Constitution, I am transmitting a bill relating to the establishment of a Roth contribution program for the public employees' deferred compensation program. Currently, AS 39.45.050 only allows deferred tax contributions to be made on behalf of participating employees under the public employees' deferred compensation program (program). Deferred contributions are contributions that are not taxed until the participating employee begins receiving benefits under the program. The bill would allow Roth contributions in addition to deferred tax contributions. Roth contributions are contributions made post-tax, thereby eliminating the tax liability at the time of retirement. I urge your prompt and favorable action on this measure. Sincerely, /s/ Bill Walker Governor