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SB 135

An Act establishing the Alaska Work and Save Program; establishing the Alaska Retirement Savings Board; and providing for an effective date.

33rd Legislature (2023-2024) Introduced by Forrest Dunbar and 1 co-sponsor

SB 135 creates a state-run retirement savings program enabling private workers without employer plans to save through payroll deductions via a new oversight board.

(S) Heard & Held
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Bill Summary · SB 135

Legislative bill overview

SB 135 establishes the Alaska Work and Save Program, a state-facilitated retirement savings initiative, and creates the Alaska Retirement Savings Board to oversee it. The program would allow private-sector employees without access to employer-sponsored retirement plans to save for retirement through payroll deductions into individual accounts.

Why is this important

Approximately 40% of private-sector workers lack access to employer retirement plans, leaving them without structured savings mechanisms. This bill addresses a genuine gap in retirement security infrastructure, potentially reducing future reliance on public safety-net programs while allowing workers to build personal savings.

Potential points of contention

  • State involvement in private savings: Critics may argue this represents government overreach into personal financial planning or creates unfair competition with private retirement plan providers
  • Administrative costs and oversight: Questions exist about who bears setup and management costs, how the program remains solvent, and whether administrative overhead justifies the benefit
  • Participation rates and effectiveness: Similar state programs nationally show modest enrollment; unclear whether Alaskans would actually use the program sufficiently to justify its establishment and ongoing operation

Compiled from official sources — confirm details with the bill’s official record.

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