SB55

What it does

• Sets the standard contribution at 6.13 percent of wages up to the Social Security taxable wage base for participating employers and employees under the State of Alaska Supplemental Annuity Plan.
• Requires new employers joining after June 30, 2029, to start paying one percent in their first year and increase by one percent each year until reaching 6.13 percent.
• Allows teachers' retirement system (TRS) or public employees' retirement system (PERS) employers who do not use Social Security to choose a different benefit program with the same rising payment schedule.
• Permits employees in these programs to pay extra money into their accounts as long as the total combined contribution does not exceed 6.13 percent of wages up to the taxable wage base.
• Updates the definition of which employers can join this supplemental employee benefits program by removing requirements about prior Social Security membership status.