SB 200 — An Act relating to employer contributions in the teachers' retirement system; relating to supplemental employee benefits; and providing for an effective date.

33-LS1023\S33-LS1023\B SPONSOR SUBSTITUTE FOR SENATE BILL NO.

2/15/241/22/24 Referred:

Labor and Commerce, Finance A BILL FOR AN ACT ENTITLED "An Act relating to the employer contributionscontribution rate in the teachers' retirement system;system defined contribution retirement plan;

AS 14.25.070(a) is amended to read:

(a) Each employer shall contribute to the system every payroll period an amount calculated by applying a rate of 14.56 [12.56] percent to the total of all base salaries paid by the employer to active members of the system and to members who are retired from the plan and reemployed under AS 14.20.136, including any adjustments to contributions required by AS 14.25.173(a).

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2.

3.2.

AS 39.30.17039.35.957 is repealedamended andby reenactedadding a new subsection to read:

SB0200B(d) -1-Notwithstanding SSSB(a) 200of Newthis Textsection, Underlinedan [DELETEDemployee TEXThired BRACKETED]after 33-LS1023\SDecember Sec.31, 2024, is ineligible to participate in the plan unless the employee's employer participates in (1) the federal social security system;

39.30.170.or (2) the supplemental employee benefits program under AS 39.30.150 - SB0200A -1- SB 200 New Text Underlined [DELETED TEXT BRACKETED] 33-LS1023\B 39.30.180.

Participation in program.

An employer shall become a participating employer in the employee benefits program under AS 39.30.150 - 39.30.180, if the employer (1) is an employer in the teachers' retirement system (AS 14.25) or the public employees' retirement system (AS 39.35);

and (2) does not participate in the federal social security system.

4.3.

AS 39.30.180(3) is amended to read:

(3) "participating employer" means (A) the State of Alaska;

[AND] (B) an employer who (i) [WHO] is an employer as defined inAS 14.25.220 or AS 39.35.680;

and (ii) does not participate [WHO HAS NEVER PARTICIPATED IN OR HAS WITHDRAWN FROM PARTICIPATION] in the federal social security system [;

AND (iii) WHOSE PARTICIPATION IN THE SUPPLEMENTAL EMPLOYEE BENEFIT PROGRAM HAS BEEN APPROVED BY THE COMMISSIONER].

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5.

SSSBSB 200 -2- SB0200BSB0200A New Text Underlined [DELETED TEXT BRACKETED]