AK SB209

Increases employer contribution rates to the Public Employees' Retirement System (PERS) defined benefit plan in a series of scheduled increases through 2018.

Sets contribution rates at 22 percent before July 1, 2016; 24.5 percent from July 1, 2016 to June 30, 2017; 25.5 percent from July 1, 2017 to June 30, 2018; and 26.5 percent after June 30, 2018.

Employers contribute the lesser amount of either rates certified by the Alaska Retirement Management Board or the statutory rates specified in the bill.

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

Repeals subsection (d) of AS 39.35.255 relating to prior contribution requirements.