AK HB47

Requires municipalities with population decline exceeding 25 percent between 2000 and 2010 to contribute 22 percent of base salaries to the Public Employees' Retirement System of Alaska (PERS).

Allows qualifying municipalities to calculate contributions using the lesser of current payroll or payroll from fiscal year ending June 30, 2008 or June 30, 2012.

Authorizes the PERS administrator to reduce interest rates on late contributions from the standard rate (1.5 times the actuarially determined earnings rate) for qualifying municipalities.

Contributions must be transmitted to the administrator as soon as practicable after each payroll period, with interest assessed if delinquent more than 15 days.

Takes effect immediately upon enactment.