- Alaska Statutes.
- Title 39. Public Officers and Employees
- Chapter 35. Public Employees' Retirement System of Alaska
- Section 770. Transmittal of Contributions; Claims Against Funds of an Employer.
previous: Section 760
. Rollover Contributions and Distributions.
next: Section 780
. Limitations on Contributions and Benefits.
AS 39.35.770. Transmittal of Contributions; Claims Against Funds of an Employer.
- (a) All contributions deducted in accordance with AS 39.35.700 - 39.35.990 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
- (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 39.35.610 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) Employers are responsible for administrative fees, investment fees, and investment losses charged to accounts
established under AS 39.35.730 resulting from contribution adjustments due to employers
enrolling members in the plan before the members are eligible for membership. Contributions made by employees shall be returned to the
employer by reducing future employee contributions due. Contributions, net of fees and investment losses, made by employers shall be
used to reduce future employer contributions due.
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