Section 39.35.730. 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   (b)  [Repealed, Sec. 116(a) ch 20 SLA 2007].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 plan 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

37.10.220;39.35.770;39.35.890;39.35.892;39.35.990

Notes

Recent Bills that will modify this

HB 90 PEACE OFFICER/FIREFIGHTER RETIREMENT
SB 83 PEACE OFFICER/FIREFIGHTER RETIREMENT

References

2 AAC 35.230
AS 37.10.220 Powers and duties of the board.
AS 39.35.770 Transmittal of contributions; claims against funds of an employer.
AS 39.35.890 Occupational disability benefits and reemployment of disabled employees.
AS 39.35.892 Occupational death benefit.
AS 39.35.990 Definitions.

History

(Sec. 122 ch 9 FSSLA 2005; am Sec. 116(a) ch 20 SLA 2007)