SB 55 Summary

• Amends AS 39.35.255(a) to maintain the 22 percent employer contribution rate to the Public Employees' Retirement System, calculated as the greater of current active member salaries or historical base salaries from fiscal year ending June 30, 2008 (or June 30, 2012 for municipalities with population decline exceeding 25 percent between 2000 and 2010).

• Adds new subsection (i) to AS 39.35.255 requiring the state as an employer to contribute an amount sufficient to pay the actuarially determined employer normal cost, all required contributions 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, with regulations relating to internal state agency management and exempted from the Administrative Procedure Act.

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

• Takes effect July 1, 2021, except the regulation adoption authority takes effect immediately.