AK HB302

Amends supplemental employee benefit provisions by clarifying terminology to use "participating employee" instead of "an employee" in AS 39.30.150, 39.30.160, and related sections.

Allows active members of the teachers' retirement system (AS 14.25) and peace officers or firefighters employed by political subdivisions to voluntarily elect to participate in the supplemental employee benefit plan if not already in Social Security or a participating employer system.

Increases employer contributions for peace officers and firefighters hired after June 30, 2006 to 9.74 percent of compensation (up from previous rates), while maintaining 5 percent contributions for other members.

Sets teacher retirement employer contributions at 9.75 percent for fiscal years ending June 30, 2025-2027; if the state is not the employer, the employer contributes 7 percent and the state contributes 2.75 percent of member compensation.

Effective date is July 1, 2024.