Bill > SB21

This bill establishes the Alaska Work and Save Program, a retirement savings program for Alaskans who do not have access to a retirement plan through their employer. Under this program, eligible employees will be automatically enrolled at a default contribution rate, but they will have the option to opt out, change their contribution rate, or increase their contributions. The program will be administered by the Department of Revenue, and it will not guarantee any specific rate of return or be liable for investment losses. The bill also allows individuals to contribute a portion of their Permanent Fund Dividend to their Alaska Work and Save Program account, and it creates the Alaska Retirement Savings Board to oversee the program. The program is designed to help individuals save for retirement and take advantage of potential federal incentives for retirement savings, and it will take effect on January 1, 2027.

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https://www.akleg.gov/basis/Bill/Detail/34?Root=SB21