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Alaska2026Passed Legislature

HB338

Alaska Work and Save Program

Last scannedSep 12, 2026, 4:46 AM

In one sentence

This bill creates a new retirement savings plan for Alaska workers whose jobs do not offer one, allowing them to save money through payroll deductions or by directing part of their permanent fund dividend into the program.

What it does

  • Establishes the Alaska Work and Save Program within the Department of Revenue.
  • Requires employers without qualified retirement plans to help employees join this program.
  • Automatically enrolls eligible workers at a default savings rate unless they choose not to participate or change their contribution amount.
  • Allows people to direct part or all of their permanent fund dividend into their program account through the electronic application.
  • Sets rules for how the administrator manages investments, reports on the program's financial condition, and handles participant accounts.

Who it affects

  • Alaska employees who do not have access to a retirement plan at work.
  • Employers in Alaska that do not offer qualified retirement plans.
  • The Department of Revenue, which will run and manage the new program.
  • People receiving permanent fund dividends who want to contribute them to savings.

Limits and unknowns

  • The bill does not guarantee a specific rate of return or interest on the money saved.
  • The state and program administrators are not responsible if participants lose money in their accounts.
  • Specific contribution rates, investment options, and administrative fees will be set later by regulations.

Plain language

Terms to know

Qualified Retirement Plan
A retirement savings plan offered by an employer that meets federal tax rules, such as a 401(k).
Automatic Enrollment
The process where workers are signed up for the program automatically unless they say no.
Permanent Fund Dividend
An annual payment from Alaska's oil revenue fund sent to eligible residents, which can now be used for this savings plan.

Official record

Sources

Validated
Official bill pageIntroduced textCurrent bill text

Official summary

RETIREMENT SAVINGS PROGRAM An Act establishing the Alaska Work and Save Program for employees who do not have access to a qualified retirement savings plan at work; relating to the duties of the commissioner of labor and workforce development; and providing for an effective date.

Official activity

Bill history

  1. (H) Heard & HeldText
  2. (H) LABOR & COMMERCE at 03:15 PM BARNES 124Text
  3. (H) REFERRED TO LABOR & COMMERCE1686
  4. (H) L&C, FIN1686
  5. (H) READ THE FIRST TIME - REFERRALS1686