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- Alaska Statutes.
- Title 14. Education, Libraries, and Museums
- Chapter 25. Teachers' Retirement
- Section 350. Contributions by Employers.
previous: Section 345
. Employment Contributions Mandatory.
next: Section 360
. Rollover Contributions and Distributions.
AS 14.25.350. Contributions by Employers.
- (a) An employer shall contribute to each member's individual account an amount equal to seven percent of the
member's compensation from July 1 to the following June 30.
- (b) An employer shall also contribute an amount equal to a percentage, as approved by the board, of each
member's compensation from July 1 to the following June 30 to pay for retiree major medical insurance. This contribution shall be paid
into the Alaska retiree health care trust established by the commissioner of administration under AS 39.30.097 (b) and shall be accounted for in accordance with regulations
adopted by the commissioner.
- (c) Notwithstanding (b) of this section, the employer contribution for retiree major medical insurance for fiscal
year 2007 shall be 1.75 percent of each member's compensation from July 1 to the following June 30.
- (d) An employer shall also make contributions to the health reimbursement arrangement plan under AS 39.30.300 .
- (e) An employer shall make annual contributions to a trust account in the plan, applied as a percentage of each
member's compensation from July 1 to the following June 30, in an amount determined by the board to be actuarially required to fully
fund the cost of providing occupational disability and occupational death benefits under AS 14.25.310 - 14.25.590.
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