Alaska Statutes: AS 39.35.250. Calculation of Employer's Contribution Rate; Deposit of Contributions.

Alaska Statutes. Title 39. Public Officers and Employees Chapter 35. Public Employees' Retirement System of Alaska Section 250. Calculation of Employer's Contribution Rate; Deposit of Contributions.

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AS 39.35.250. Calculation of Employer's Contribution Rate; Deposit of Contributions.

(a) An employer shall make contributions to the plan in accordance with this section. For the purposes of this section and AS 39.35.270, the contribution rate is the sum of the consolidated employer normal cost rate and the past service rate as approved by the board.
(b) Employer contributions shall be separately computed for benefits provided by AS 39.35.535 and shall be deposited in the Alaska retiree health care trust established under AS 39.30.097 (a).
(c) In (a) of this section, "consolidated employer normal cost rate" means the percentage of compensation of all active employees in the system that, when combined with all employee contributions to the plan, is sufficient to provide the benefits earned during the year beginning after the last valuation date. This percentage is determined at the plan level for all employers and is applicable to each employer.
(d) In (a) of this section, "past service rate" means the percentage of compensation of all active employees in the system necessary to provide the annual amount required to amortize the unfunded obligations of the employer for benefits earned by the employer's members in the plan as of the date of the last actuarial valuation over a period not to exceed the maximum allowed by generally accepted accounting principles of the Governmental Accounting Standards Board. The percentage is separately determined for each employer.

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