The bill establishes the Alaska Work and Save Program within the Department of Revenue, aimed at facilitating retirement savings for employees who do not have access to a qualified retirement plan. It allows eligible employees to automatically enroll in the program, with contributions deducted from their paychecks at a default rate, which can be adjusted by the employee. The program also permits employees to direct their permanent fund dividends into their investment accounts, with the Department of Revenue required to design application forms that inform applicants of the associated risks. The bill specifies that the state and program administrators are not liable for any investment losses.

Additionally, the bill outlines the powers and duties of the program administrator, including the management of participant accounts, the establishment of investment options, and the maintenance of confidentiality regarding individual account information. It also includes provisions for employer compliance, allowing employees to file complaints if their employers fail to facilitate participation in the program. The bill will take effect on January 1, 2027.

Statutes affected:
SB0021A, AM SB 21, introduced 01/10/2025: 43.23.130, 43.23.200, 44.25.400, 44.25.490, 18.67.162, 37.05.142, 44.25.410, 44.25.420, 44.25.470, 44.25.430, 44.25.440, 39.20.180, 44.25.450, 44.25.460, 23.30.395, U.S.C
SB0021B, AM CSSB 21(L&C), introduced 04/09/2025: 43.23.130, 43.23.200, 44.25.400, 44.25.490, 18.67.162, 37.05.142
SB0021C, AM CSSB 21(FIN), introduced 03/27/2026: 43.23.130, 43.23.200, 44.25.400, 44.25.490, 18.67.162, 37.05.142
SB0021D, AM HCS CSSB 21(L&C), introduced 05/07/2026: 43.23.130, 43.23.200, 44.25.400, 44.25.490, 18.67.162, 37.05.142
SB0021Z, AM Enrolled SB 21, introduced 05/19/2026: 43.23.130, 43.23.200, 44.25.400, 44.25.490, 18.67.162, 37.05.142