An Act relating to employer contributions in the teachers' retirement system; relating to supplemental employee benefits; and providing for an effective date.

This bill increases the required employer contribution rate to the Alaska Teachers' Retirement System from 12.56% to 14.56% of base salaries for active and reemployed members. It also adjusts the supplemental employee benefits contribution, reducing the employer's share from nine percent to seven percent of member compensation. Additionally, the legislation updates the rules for which employers must join the supplemental benefits program, specifically requiring participation from state and public retirement system employers that do not participate in the federal Social Security system. These changes are set to take effect on July 1, 2024.