00                             SENATE BILL NO. 81                                                                          
01 "An Act relating to employer contribution rates in the teachers' retirement system and                                  
02 the Public Employees' Retirement System of Alaska; and providing for an effective                                       
03 date."                                                                                                                  
04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
05    * Section 1. AS 14.25.070(d) is amended to read:                                                                   
06            (d)  Notwithstanding (a) of this section, the annual employer contribution rate                              
07       may not be less than the rate sufficient to allow payment of                                                      
08                 (1)  the employer normal cost;                                                                  
09                 (2)  an amount calculated at the rate certified under                                               
10       AS 37.10.220(a)(8) for liquidating past service liability of the plan; and                                    
11                 (3)  the employer contributions required under AS 14.25.350 and                                     
12       AS 39.30.370.                                                                                                     
13    * Sec. 2. AS 39.35.255(d) is amended to read:                                                                      
14            (d)  Notwithstanding (a) of this section, the annual employer contribution rate                              
01       may not be less than the rate sufficient to allow payment of                                                      
02                 (1)  the employer normal cost;                                                                  
03                 (2)  an amount calculated at the rate certified under                                               
04       AS 37.10.220(a)(8) for liquidating past service liability of the plan; and                                    
05                 (3)  the employer contributions required under AS 39.30.370 and                                     
06       AS 39.35.750.                                                                                                     
07    * Sec. 3. This Act takes effect immediately under AS 01.10.070(c).