Enrolled SB 55: Relating to employer contributions to the Public Employees' Retirement System of Alaska; and providing for an effective date.
00Enrolled SB 55 01 Relating to employer contributions to the Public Employees' Retirement System of Alaska; 02 and providing for an effective date. 03 _______________ 04 * Section 1. AS 39.35.255(a) is amended to read: 05 (a) Each employer, except as provided in (i) of this section, shall contribute 06 to the system every payroll period an amount calculated by applying a rate of 22 07 percent of the greater of the total of all base salaries 08 (1) paid by the employer to employees who are active members of the 09 system, including any adjustments to contributions required by AS 39.35.520; or 10 (2) paid by the employer to employees who were active members of 11 the system during the corresponding payroll period for the fiscal year ending 12 (A) June 30, 2008; or 13 (B) June 30, 2012, if that total is less than the total under (A) of 14 this paragraph, and the employer is a municipality in which the population
01 decreased by more than 25 percent between 2000 and 2010, according to the 02 decennial census conducted by the United States Bureau of the Census. 03 * Sec. 2. AS 39.35.255 is amended by adding a new subsection to read: 04 (i) Notwithstanding any other provision of this section, the state as an 05 employer shall contribute to the system every payroll period an amount sufficient to 06 pay the actuarially determined employer normal cost, all contributions required under 07 AS 39.30.370 and AS 39.35.750, and past service cost for members at the contribution 08 rate adopted by the board under AS 37.10.220 for the fiscal year for that payroll 09 period. 10 * Sec. 3. The uncodified law of the State of Alaska is amended by adding a new section to 11 read: 12 ADOPTION OF REGULATIONS. (a) The commissioner of administration may adopt 13 regulations necessary to implement secs. 1 and 2 of this Act. Regulations adopted by the 14 commissioner of administration under this Act relate to the internal management of a state 15 agency and are not subject to AS 44.62 (Administrative Procedure Act) under AS 39.35.005. 16 (b) Regulations adopted under this section may not take effect before the effective 17 date of the law being implemented by the regulation. 18 * Sec. 4. Section 3 of this Act takes effect immediately under AS 01.10.070(c). 19 * Sec. 5. Except as provided in sec. 4 of this Act, this Act takes effect July 1, 2021.