AK SB187

Creates a new pension reserve fund in the general fund, to be managed by the Alaska Retirement Management Board, with money appropriated by the legislature that does not lapse

Requires mandatory transfers from the pension reserve fund to the Public Employees' Retirement System (PERS) if the system's asset-to-liability ratio falls below 50 percent

Changes employer contribution rates for PERS from a fixed 22 percent to a variable rate certified by the Alaska Retirement Management Board based on actuarial calculations, with a 22 percent cap applying when combined PERS and pension reserve fund assets reach 60 percent of liabilities

Repeals AS 39.35.280, eliminating the requirement for the state to make additional contributions beyond employer contributions to pay past service liabilities of PERS

Effective date of June 30, 2012