(a) All contributions deducted in accordance with AS 14.25.310 - 14.25.590 shall be transmitted to the plan for deposit in the appropriate account or trusts as soon as administratively feasible, but in no event later than 15 days following the close of the payroll period, with the final contributions due for any school year transmitted no later than July 15.
(b) If contributions are not transmitted within the prescribed time limit, interest shall be assessed on the outstanding contributions at the rate established under AS 14.25.065 from the date that contributions were originally due. Amounts due from an employer and interest as prescribed in this subsection 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 amount claimed shall be submitted to the administrator for deposit in the appropriate account or trusts.
(c) An employer is responsible for administrative fees, investment fees, and investment losses charged to accounts established under AS 14.25.340 resulting from contribution adjustments because the employer enrolled a member in the plan before the member was eligible for membership. Contributions made by an employee shall be returned to the employer by reducing future employee contributions due. Contributions, net of fees and investment losses, made by an employer shall be used to reduce future employer contributions due.
Structure Alaska Statutes
Title 14. Education, Libraries, and Museums
Chapter 25. Teachers' Retirement
Article 3. Teachers First Hired on or after July 1, 2006.
Sec. 14.25.310. Applicability of AS 14.25.310 - 14.25.590.
Sec. 14.25.320. Defined contribution retirement plan established.
Sec. 14.25.340. Contributions by members.
Sec. 14.25.345. Employment contributions mandatory.
Sec. 14.25.350. Contributions by employers.
Sec. 14.25.360. Rollover contributions and distributions.
Sec. 14.25.380. Limitations on contributions and benefits.
Sec. 14.25.400. Investment of individual accounts.
Sec. 14.25.410. Distribution election at termination.
Sec. 14.25.420. Forms of distribution.
Sec. 14.25.430. Manner of electing distributions.
Sec. 14.25.440. Distribution requirements.
Sec. 14.25.450. Designation of beneficiary.
Sec. 14.25.460. Rights under qualified domestic relations order.
Sec. 14.25.470. Eligibility for retirement and medical benefits.
Sec. 14.25.480. Medical benefits.
Sec. 14.25.485. Occupational disability benefits and reemployment of disabled members.
Sec. 14.25.486. Disability benefit adjustment.
Sec. 14.25.487. Occupational death benefit.
Sec. 14.25.488. Survivors' pension adjustment.
Sec. 14.25.490. Amendment and termination of plan.
Sec. 14.25.500. Exclusive benefit.
Sec. 14.25.510. Nonguarantee of returns, rates, or benefit amounts.
Sec. 14.25.520. Nonguarantee of employment.
Sec. 14.25.532. Pension forfeiture.
Sec. 14.25.550. Membership in teachers' and public employees' retirement systems.
Sec. 14.25.560. Legislators who have been teachers.
Sec. 14.25.580. Participation by Special Education Service Agency employees.
Sec. 14.25.582. Special rules for treatment of qualified military service.