Budget & Taxes (Pensions)

This bill modifies how Alaska school districts fund and manage various education programs, including charter schools, correspondence study programs, and student transportation. It requires school districts to provide charter schools with annual budgets based on student enrollment while limiting administrative cost retention to a lower percentage, and allows students leaving correspondence programs to keep their educational materials. The legislation also adjusts transportation funding formulas for specific districts, updates teacher certification eligibility rules, and permits the reemployment of retired teachers at regional resource centers. Additionally, it mandates the Legislative Budget and Audit Committee to conduct a study on education funding and establishes new reading proficiency incentive grants for schools.

SB 81 sets minimum annual employer contribution rates for Alaska's Teachers' Retirement System and Public Employees' Retirement System. It requires state employers to pay at least the rate needed to cover three specific costs: ongoing pension expenses (normal cost), past service liabilities, and other mandated contributions. This directly affects state agencies, school districts, and other public employers that fund these retirement systems. The bill takes immediate effect without further legislative action.