The proposed bill establishes the Alaska Work and Save Program, aimed at providing retirement savings options for employees who do not have access to a qualified retirement plan through their employers. The program will be administered by the Department of Revenue, with the commissioner or their designee overseeing its operations. Employers without a qualified retirement plan are required to facilitate employee participation, while employees can voluntarily enroll and will be automatically enrolled at a default contribution rate. The bill outlines the powers and duties of the program administrator, including managing participant accounts, providing investment options, and ensuring compliance with tax laws.

Key amendments to existing law include provisions for contributions to the Alaska Work and Save Program from the Alaska permanent fund dividend application, allowing participants to allocate a portion of their dividends to their program accounts. The bill also specifies that the state and program do not guarantee returns on contributions and outlines the process for employee complaints against employers who fail to facilitate participation. The program is set to take effect on January 1, 2027.

Statutes affected:
HB0338A, AM HB 338, introduced 02/23/2026: 43.23.130, 43.23.200, 44.25.400, 44.25.490, 18.67.162, 37.05.142