Section 14.25.340. Contributions by members.

   (a) Each member shall contribute to the member's individual account an amount equal to eight percent of the member's compensation from July 1 to the following June 30.
   (b)  [Repealed, Sec. 116 ch 20 SLA 2007].  
   (c) The employer shall deduct the contribution from the member's compensation at the end of each payroll period, and the contribution shall be credited by the administrator to the member's individual account. The contributions shall be deducted from the member's compensation before the computation of applicable federal taxes and shall be treated as employer contributions under 26 U.S.C. 414(h)(2). A member may not have the option of making the payroll deduction directly in cash instead of having the contribution picked up by the employer.

Authorities

14.25.370;14.25.485;14.25.487;14.25.590;37.10.220

Notes

References

AS 14.25.370 Transmittal of contributions; claims against funds of an employer; use of contributions.
AS 14.25.485 Occupational disability benefits and reemployment of disabled members.
AS 14.25.487 Occupational death benefit.
AS 14.25.590 Definitions.
AS 37.10.220 Powers and duties of the board.

History

(Sec. 35 ch 9 FSSLA 2005; am Sec. 116 ch 20 SLA 2007)