AlaskaEnrolled text would set up retirement savings options for Alaska workers
The enrolled text would let some Alaska workers save through a state program and let eligible dividend applicants direct payments into investment accounts.
What it does
Alaska's Department of Revenue would run a retirement savings program. Some employers without a retirement plan would have to help employees take part, and eligible employees could opt out.
People eligible for a permanent fund dividend could direct their payment into an investment account they identify. They would assume the investment risk.
People filing electronically could direct part of their dividend to Work and Save, certain state funds, or listed organizations. Seven percent of contributions would cover administrative costs.
Argument forWorkers at some businesses without retirement plans could build savings through automatic enrollment, while keeping the choice to opt out.
Argument againstWorkers could lose savings from poor investments because the state and program do not guarantee returns or cover investment losses.
More detail
The Department of Revenue administers the Alaska Work and Save Program, and covered employers must help employees take part. The employer duty applies to covered employers and their employees. Employers covered by this duty have employed more than five people in Alaska for at least three years and do not offer a qualified retirement plan. Eligible employees are enrolled at default contribution rates but may opt out or change their rates. Anyone earning compensation in Alaska may enroll voluntarily. The state and program do not guarantee investment returns or cover participants' investment losses. The text sets January 1, 2027, as the effective date.
The department must let eligible dividend applicants direct their dividend payment into an investment account they identify. This option is for applicants eligible to receive a permanent fund dividend. An applicant's authorized representative may give the direction. The applicant assumes the investment risk. The department may not use dividend fund money for administrative costs of this option. The text sets January 1, 2027, as the effective date.
The electronic dividend application must let applicants direct contributions to the Work and Save Program, certain state funds, and listed organizations. This applies to people who file their permanent fund dividend application electronically. Listed organizations include educational organizations, community foundations, and charitable organizations. Applicants may choose set contribution amounts up to their full dividend. If their choices exceed the dividend, contributions are taken in the order they chose. The application must say that seven percent of contributions is used for administrative costs. The department may not withhold coordination fees on contributions to Work and Save or the two named state funds. The text sets January 1, 2027, as the effective date.
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Where it stands
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Jun 19(S) JOINT SESSION at 01:00 PM HOUSE CHAMBERLatest
- Vote recorded (S) GOVERNOR VETO SUSTAINED Y39 N21 #3041. Result: pass.Upper
- Jun 19(S) GOVERNOR VETO SUSTAINED Y39 N21
- Jun 19(S) MOTION TO OVERRIDE VETO
- Jun 19(S) VETOED BY Governor Mike Dunleavy 6/18/26Major
- Jun 4(S) 10:14 A.M. 6/1/26 Transmitted to GovernorTo Governor
- May 19(S) COSPONSOR(S): KAWASAKI, YUNDT
- Vote recorded (S) CONCUR AM OF (H) Y17 N3 #2774. Result: pass.Upper
- May 19(S) EFFECTIVE DATE(S) SAME AS PASSAGE
- May 19(S) CONCUR AM OF (H) Y17 N3
- May 19(S) CONCUR MESSAGE READ AND TAKEN UP
- May 18(H) VERSION: HCS CSSB 21(L&C)
- Vote recorded (H) PASSED Y31 N9 #2877. Result: pass.Lower
- May 18(H) TRANSMITTED TO (S) AS AMENDEDMajor
- May 18(H) DIBERT
- May 18(H) CROSS SPONSOR(S): JOSEPHSON, BYNUM, UNDERWOOD, HOLLAND, GRAY, MEARS, EISCHEID,
- May 18(H) EFFECTIVE DATE(S) SAME AS PASSAGE
- May 18(H) PASSED Y31 N9Major
- May 18(H) READ THE THIRD TIME HCS CSSB 21(L&C)Minor
- May 18(H) ADVANCED TO THIRD READING UCMinor
- May 18(H) TITLE CHANGE: HCR 18
- May 18(H) L&C HCS ADOPTED UC
- May 18(H) READ THE SECOND TIMEMinor
- May 18(H) RULES TO CALENDAR 5/18/2026
- May 17(H) Moved HCS CSSB 21(L&C) Out of Committee -- Recessed to a Call of the Chair --
- May 17(H) FINANCE at 09:00 AM ADAMS 519
- May 17(H) CROSS SPONSOR(S): GALVIN
- May 17(H) FN7: ZERO(REV)
- May 17(H) FN6: (REV)
- May 17(H) NR: TOMASZEWSKI, ALLARD, BYNUM
- May 17(H) DP: JIMMIE, GALVIN, HANNAN, MOORE, FOSTER
- May 17(H) TITLE CHANGE: HCR 18
- May 17(H) FIN RPT HCS(L&C) NEW TITLE 5DP 3NR
- May 16(H) CROSS SPONSOR(S): HANNAN, SCHRAGE
- May 15(H) Heard & Held
- May 15(H) FINANCE at 06:00 PM ADAMS 519
- May 7(H) FN5: (REV)
- May 7(H) FN3: INDETERMINATE(REV)
- May 7(H) AM: D.NELSON
- May 7(H) NR: COULOMBE, CARRICK, SADDLER
- May 7(H) DP: FRIER, HALL, FIELDS
- May 7(H) TITLE CHANGE: HCR 18
- May 7(H) L&C RPT HCS(L&C) NEW TITLE 3DP 3NR 1AM
- May 4(H) Moved HCS CSSB 21 (L&C) Out of Committee -- Delayed to 10 min. Following Session --
- May 4(H) LABOR & COMMERCE at 03:15 PM BARNES 124
- May 4(H) CROSS SPONSOR(S): SADDLER
- May 1(H) CROSS SPONSOR(S): COSTELLO
- Apr 29(H) Heard & Held -- Delayed to 5 min. Following Session --
- Apr 29(H) LABOR & COMMERCE at 03:15 PM BARNES 124
- Apr 24(H) L&C, FIN
- Apr 24(H) READ THE FIRST TIME - REFERRALSMinor
- Apr 22(S) VERSION: CSSB 21(FIN)
- Vote recorded (S) PASSED Y15 N4 E1 #2323. Result: pass.Upper
- Apr 22(S) TRANSMITTED TO (H)Passed House
- Apr 22(S) EFFECTIVE DATE(S) SAME AS PASSAGE
- Apr 22(S) PASSED Y15 N4 E1Passed Senate
- Apr 22(S) READ THE THIRD TIME CSSB 21(FIN)Minor
- Apr 21(S) ADVANCED TO THIRD READING 4/22 CALMinor
- Apr 21(S) FIN CS ADOPTED UC
- Apr 21(S) READ THE SECOND TIMEMinor
- Apr 21(S) RULES TO CALENDAR 4/21/2026
- Mar 27(S) FN4: (REV)
- Mar 27(S) FN3: INDETERMINATE(REV)
- Mar 27(S) AM: KAUFMAN
- Mar 27(S) NR: CRONK, MERRICK
- Mar 27(S) DP: OLSON, STEDMAN, HOFFMAN, KIEHL
- Mar 27(S) FIN RPT CS 4DP 2NR 1AM NEW TITLE
- Mar 26(S) Minutes (SFIN)
- Mar 26(S) Moved CSSB 21(FIN) Out of Committee
- Mar 26(S) FINANCE at 09:00 AM SENATE FINANCE 532
- Feb 17(S) Heard & Held
- Feb 17(S) FINANCE at 09:00 AM SENATE FINANCE 532
- Jun 19(S) JOINT SESSION at 01:00 PM HOUSE CHAMBERLatest
- 2025
- Apr 9(S) FN2: INDETERMINATE(REV)
- Apr 9(S) FN1: INDETERMINATE(REV)
- Apr 9(S) DP: DUNBAR, GRAY-JACKSON
- Apr 9(S) NR: BJORKMAN, MERRICK, YUNDT
- Apr 9(S) L&C RPT CS 3NR 2DP NEW TITLE
- Apr 7(S) Minutes (SL&C)
- Apr 7(S) Moved CSSB 21(L&C) Out of Committee
- Apr 7(S) LABOR & COMMERCE at 01:30 PM BELTZ 105 (TSBldg)
- Mar 31(S) Minutes (SL&C)
- Mar 31(S) Heard & Held
- Mar 31(S) LABOR & COMMERCE at 01:30 PM BELTZ 105 (TSBldg)
- Jan 24(S) COSPONSOR(S): GRAY-JACKSON
- Jan 22(S) L&C, FIN
- Jan 22(S) READ THE FIRST TIME - REFERRALSMinor
- Jan 22(S) Prefile released 1/10/25Introduced
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