AK SB207

Increases employer contribution rates to the Alaska teachers' retirement system defined benefit plan, with rates rising from 12.56 percent (before July 1, 2016) to 22 percent (after June 30, 2019).

Allows employers to contribute either the rate certified by the Alaska Retirement Management Board trustees or the specified percentage rates in the bill, whichever is lesser.

Requires the legislature to appropriate additional money to school districts annually for the first five complete fiscal years to mitigate the annual increases in employer costs.

Defines "payroll" as the total of all base salaries paid by an employer to active members of the retirement system.

Repeals existing language in AS 14.25.070(d) regarding employer contribution requirements.