(a) An employer shall contribute to each member’s individual account an amount equal to five percent of the member’s compensation from July 1 to the following June 30.
Terms Used In Alaska Statutes 39.35.750
Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
(b) An employer shall also contribute an amount equal to a percentage, as adopted by the board, of each member’s compensation from July 1 to the following June 30 to pay for retiree major medical insurance. This contribution shall be paid into the Alaska retiree health care trust established by the commissioner of administration under Alaska Stat. § 39.30.097(b) and shall be accounted for in accordance with regulations established by the commissioner.(c) Notwithstanding (b) of this section, the employer contribution for retiree major medical insurance for fiscal year 2007 shall be 1.75 percent of each member’s compensation from July 1 to the following June 30.(d) An employer shall also make contributions to the health reimbursement arrangement plan under Alaska Stat. § 39.30.370.(e) An employer shall make annual contributions to a trust account in the plan, applied as a percentage of each member’s compensation from July 1 to the following June 30, in an amount determined by the board to be actuarially required to fully fund the cost of providing occupational disability and occupational death benefits under Alaska Stat. § 39.35.700 – 39.35.990 and retirement benefits elected by disabled peace officers and firefighters under Alaska Stat. § 39.35.890(h)(2). The contribution required under this subsection for peace officers and firefighters and the contribution required under this subsection for other employees shall be separately calculated based on the actuarially calculated costs for each group of employees.
