AK HB75

Amends AS 39.35.255(a) to establish employer contribution rates to the Public Employees' Retirement System of Alaska at 22 percent of base salaries for active members, with exceptions for municipalities that experienced population decline.

Creates new subsection (i) establishing that the state as an employer shall contribute an amount sufficient to pay actuarially determined employer normal cost, contributions required under AS 39.30.370 and AS 39.35.750, and past service cost at the rate adopted by the board under AS 37.10.220.

Authorizes the commissioner of administration to adopt regulations necessary to implement the act's provisions, exempt from the Administrative Procedure Act under AS 39.35.005.

Regulations adopted under this act may not take effect before the effective date of the law being implemented.

Act takes effect July 1, 2021, except for the regulations adoption section which takes effect immediately.