AK SB55

Extends the Alaska Supplemental Annuity Plan to teachers' retirement system (TRS) employers, requiring both employers and employees to contribute 6.13% of wages up to the Social Security taxable wage base

State Department of Administration will cover 100% of TRS contributions for FY2027-2029, 66⅔% for FY2030-2033, and 33⅓% for FY2034-2037, with employers and employees gradually assuming costs

Mandates that all employers in TRS or public employees' retirement system (PERS) who do not participate in federal Social Security must join the supplemental employee benefits program (previously optional)

Removes requirement for commissioner approval before employers can participate in the supplemental benefit program

Takes effect July 1, 2026