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Senator Wielechowski Introduces Alaska Work and Save Legislation to Streamline Retirement Savings Benefits for Individuals and Employers
JUNEAU – Senator Bill Wielechowski, D-Anchorage, introduced Senate Bill 135 today establishing the Alaska Work and Save Program to make it easier for small businesses in Alaska to provide Individual Retirement Accounts (IRAs) to their employees. Senate Bill 135 would also allow all Alaskans to invest their permanent fund dividend in their retirement account during the annual application process.
“SB 135 removes red tape and bureaucracy for small businesses who want to provide retirement benefits for their employees.” said Sen. Wielechowski. “By providing an easy and direct connection to retirement savings for every Alaskan, we can increase financial security for future generations and reduce the burden on state public assistance programs.”
Currently, 57 million Americans lack access to retirement savings, while younger Americans are significantly less likely to have an account. To help alleviate the lack of retirement savings accounts, 16 other states have implemented state-facilitated retirement account services which have garnered $630 million in savings from 610,000 enrolled Americans.
“AARP strongly believes that all individuals have the right to be self-reliant and live with dignity in retirement, but only 55% of private-sector workers have access to a way to save from their regular paycheck at work,” said Marge Stoneking, AARP Alaska Advocacy Director. “Employers, particularly small business owners, often cannot provide a retirement plan to their employees due to their confusing, costly, and time-consuming nature. Without access to a retirement savings plan at work, nearly all workers fail to save. Work and Save is a public-private partnership designed to address the retirement savings gap using proven tools to help workers save their own money.”
Senate Bill 135 was referred to the Labor & Commerce Committee and Finance Committee.
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