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- Alaska Statutes.
- Title 14. Education, Libraries, and Museums
- Chapter 25. Teachers' Retirement
- Section 370. Transmittal of Contributions; Claims Against Funds of an Employer; Use of Contributions.
previous: Section 360
. Rollover Contributions and Distributions.
next: Section 380
. Limitations on Contributions and Benefits.
AS 14.25.370. Transmittal of Contributions; Claims Against Funds of an Employer; Use of Contributions.
- (a) All contributions deducted in accordance with AS 14.25.310 - 14.25.590 shall be transmitted to the plan for deposit in the
appropriate account or trusts as soon as administratively feasible, but in no event later than 15 days following the close of the payroll
period, with the final contributions due for any school year transmitted no later than July 15.
- (b) If contributions are not transmitted within the prescribed time limit, interest shall be assessed on the
outstanding contributions at the rate established under AS 14.25.065 from the date that contributions were originally due. Amounts
due from an employer and interest as prescribed in this subsection may be claimed by the administrator from any agency of the state or
political subdivision that has in its possession funds of the employer or that is authorized to disburse funds to the employer that are
not restricted by statute or appropriation to a specific purpose. The amount claimed shall be certified by the administrator as
sufficient to pay the contributions and interest due from the employer. The amount claimed shall be submitted to the administrator for
deposit in the appropriate account or trusts.
- (c) An employer is responsible for administrative fees, investment fees, and investment losses charged to
accounts established under AS 14.25.340 resulting from contribution adjustments because the employer
enrolled a member in the plan before the member was eligible for membership. Contributions made by an employee shall be returned to the
employer by reducing future employee contributions due. Contributions, net of fees and investment losses, made by an employer shall be
used to reduce future employer contributions due.
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