Section 39.35.610. Transmittal of contributions to administrator; claims against funds of an employer.

   (a) The contributions of an employer and the contributions of its employees shall be transmitted to the administrator as soon as practicable after the close of the payroll period for which the contributions are made.  If an employer is delinquent in transferring the contributions for more than 15 days, interest shall be assessed on the outstanding contributions at one and one-half times the most recent actuarially determined rate of earnings for the retirement plan from the date that the contributions were originally due.
   (b) If contributions are not submitted within the prescribed time limit, the amount of contributions and interest due 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 agency shall submit the amount claimed, or the amount of funds of the employer subject to the administrator's claim that are in the agency's possession, whichever is less, to the administrator for deposit in the retirement fund and the Alaska retiree health care trust.

Authorities

39.35.625;39.35.770;39.35.958

Notes

Recent Bills that will modify this

HB 47 PERS CONTRIBUTIONS BY MUNICIPALITIES

References

2 AAC 35.235
AS 39.35.625 Termination costs.
AS 39.35.770 Transmittal of contributions; claims against funds of an employer.
AS 39.35.958 Termination of participation in the plan.

History

(Sec. 44 f ch 143 SLA 1960; am Sec. 28 ch 1 SLA 1974; am Sec. 53 ch 128 SLA 1977; am Sec. 72 ch 20 SLA 2007; am Sec. 15 ch 13 SLA 2008)