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AK HB135
Bill
AI Summary
- Authorizes Alaska's public employees' deferred compensation program to offer Roth contribution options alongside existing deferred tax contributions
- Allows participating employers to designate whether employee contributions consist of deferred tax contributions, Roth contributions, or both, with deferred tax contributions as the default if no election is made
- Requires deferred tax and Roth contributions to comply with federal Internal Revenue Code contribution limits (26 U.S.C. 402(g) and 414(v)), with excess contributions distributed to participants by April 15 following the plan year
- Specifies that if contributions must be reduced to meet limits, deferred tax contributions are reduced first, followed by Roth contributions
- Establishes separate deferred tax contribution accounts and Roth contribution accounts for each participating employee, with the program administrator authorized to create additional rules for election timing and procedures
- Takes effect July 1, 2015
Legislative Description
Public Employee Roth Contributions
Investments
Last Action
EFFECTIVE DATE(S) OF LAW 7/1/15
5/29/2015
Committee Referrals
State Affairs4/15/2015
Labor & Commerce3/4/2015
Full Bill Text
No bill text available